Ch. 413

LAWS OF MARYLAND

BY repealing and reenacting, with amendments,

Article 2B - Alcoholic Beverages

Section 165(f)

Annotated Code of Maryland

(1987 Replacement Volume and 1987 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 2B - Alcoholic Beverages

165.

(a) Profits and reserves shall be accounted for as follows:

(f) (1) All net profits derived from the operation of the
dispensaries in Somerset County shall be applied toward the
repayment of any money advanced to or borrowed by the liquor
control board.

(2)  After the repayment of the money specified [in]
UNDER PARAGRAPH (1) OF THIS SUBSECTION, the board may maintain a
reserve fund not to exceed [$30,000] $48,000 FOR THE FOLLOWING
PURPOSES:

(i) To provide adequate working capital; and

(ii) To meet any losses sustained' by the board
in the operation of the dispensaries.

(3)  OF THE $48,000 RESERVE FUND, EACH COUNTY
DISPENSARY SHALL RECEIVE AN AMOUNT AS FOLLOWS:

(I)  THE DISPENSARY IN CRISFIELD, UP TO $15,000;

(II)  THE DISPENSARY IN THE WEST PRINCESS ANNE
ELECTION DISTRICT, UP TO $15,000; AND

(III)  THE HI-WAY DISPENSARY, UP TO $18,000.

[(3)] (4) (I) Twenty-five percent of all net proceeds
generated by the dispensaries in Crisfield and in the West
Princess Anne election district, in excess of those proceeds
required for the maintenance of the reserve fund, shall be
remitted to the City of Crisfield and Town of Princess Anne on or
before June 1st of each year, to be divided equally.

[(4)] (II) The remaining 75 percent of all those net
proceeds generated by the dispensaries specified in [(3) and all
funds generated by all other dispensaries] SUBPARAGRAPH (I) OF

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