Ch. 651

LAWS OF MARYLAND

(b) (1) [The] EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS
SECTION, THE Fund Director may adopt rules and regulations
providing for the payment of nonrefundable premiums instead of or
in addition to capital deposits required for membership in the
Fund and may issue instruments evidencing the interests of
members in the Fund.

(2) [The] EXCEPT AS PROVIDED IN SUBSECTION (C) OF
THIS SECTION, THE total of premiums and capital deposits imposed
on a member association may not be less than the comparable
premiums, assessments, and capital deposits imposed for federal
insurance.

(C) IF A MEMBER ASSOCIATION WITHDRAWS FROM THE FUND BEFORE
THE END OF A PERIOD FOR WHICH THE ASSOCIATION HAS BEEN ASSESSED
OR HAS PAID AN ADVANCE PREMIUM, THE ASSOCIATION SHALL RECEIVE A
PRORATED CREDIT OR REFUND IN AN AMOUNT EQUAL TO THE PRODUCT OF
THE PREMIUM PAID OR ASSESSED MULTIPLIED BY A FRACTION:

(1)  THE NUMERATOR OF WHICH IS THE NUMBER OF DAYS
REMAINING IN THE PERIOD AFTER THE ASSOCIATION'S WITHDRAWAL; AND

(2)  THE DENOMINATOR OF WHICH IS THE TOTAL NUMBER OF
DAYS IN THE PERIOD.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
apply to any association that withdrew from the Fund on or after
July 1, 1987.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

Approved May 27, 1988.

CHAPTER 651

(House Bill 369)

AN ACT concerning

Pensions - Investments - Reports on Commissions

FOR the purpose of requiring the State Investment Agency to
compile and submit to the Board of Trustees of the State
Retirement and Pension Systems a quarterly report relating
to commissions paid by the Agency; requiring that the
quarterly report contain certain information; requiring that
a certain annual report of the State Investment Agency

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