HARRY HUGHES, Governor

1037

(C)  IF THE TAX IMPOSED BY THIS SECTION IS NOT PAID WHEN DUE
WITHIN 60 DAYS FROM THE DATE THE TAX IS LEVIED AND ASSESSED, THE
ATTORNEY WHO IS LIABLE FOR ITS PAYMENT SHALL PAY AN ADDITIONAL
TAX AS A PENALTY. THE PENALTY MAY NOT EXCEED 10 PERCENT OF THE
TAX DUE, PLUS INTEREST AT THE RATE DETERMINED UNDER ARTICLE 81, §
204 OF THE CODE FOR EACH MONTH THE TAX REMAINS UNPAID. INTEREST
MAY NOT BE ASSESSED ON THE TAX WHICH IS DUE AS A PENALTY. IF ANY
ATTORNEY FAILS TO PAY THE TAX DUE UNDER THIS SECTION, ON OR
BEFORE THE DATE FIXED FOR ITS PAYMENT, THE FULL AMOUNT OF ALL THE
TAX DUE THE STATE TOGETHER WITH ANY INTEREST, PENALTY, OR
ADDITION TO THE TAX, SHALL BE A LIEN IN FAVOR OF THE STATE UPON
ALL PROPERTY AND ALL RIGHTS TO PROPERTY, REAL OR PERSONAL,
BELONGING TO THE PERSON IN ACCORDANCE WITH ARTICLE 81, § 322 OF
THE CODE.

(D)  (1) THE GENERAL ASSEMBLY OF MARYLAND SHALL APPROPRIATE
AND DEDICATE DEDICATES THE PROCEEDS OF THE TAX PROVIDED BY THIS
SECTION AS THE INITIAL POLICYHOLDERS' SURPLUS OF THE SOCIETY.

(2) AFTER RETAINING AN AMOUNT TO PAY THE COST OF
COLLECTION, THE TREASURER AND COMPTROLLER SHALL PAY OVER THE
PROCEEDS OF THE TAX TO THE SOCIETY WITHIN 30 DAYS.

[(a)] (E) The board of directors of the Society shall
establish a membership fee which shall be payable by an attorney
at the time of application to the Society for a policy of
insurance. THE AMOUNT OF THE FEE SHALL BE DETERMINED BY THE
BOARD OF DIRECTORS. The membership fee is not refundable, nor
shall it be credited against any premium payable to the Society
for a policy of insurance. [The fee shall be approved by the
Commissioner, but it may not exceed $300.] ANY ATTORNEY WHO HAS
PAID THE TAX SPECIFIED IN SUBSECTION (B) OF THIS SECTION SHALL BE
CREDITED WITH THE AMOUNT OF THE TAX PAID AGAINST HIS LIABILITY
FOR ANY MEMBERSHIP FEE.

[(b)] (F) Upon payment of the membership fee, an attorney
may be insured by the Society for any and all hazards customarily
insured by the Society, subject to any coverage limitations
specified by the Society in accordance with policy limitations,
exclusions, conditions, deductibles, and loss sharing
requirements.

571.

(a)  A rate stabilization reserve fund is established to be
entered in the financial statement of the Society as a special
surplus fund of the Society along with other premium and loss
reserves. The fund shall be administered and valued annually by
three directors of the Society, together with the Commissioner or
his deputy.

(b)  Each policyholder member of the Society shall pay to
the Society a stabilization reserve fund charge. The directors of
the Society shall determine the amount of the stabilization
reserve fund charge. This charge shall be separately stated in