Ch. 110                                           LAWS OF MARYLAND

(i) The grounds for appointment of the receiver
under Part V of this subtitle no longer exist; or

(ii) The nursing home or community
[residential] program is ready to be closed because all residents
have been moved.

(b)  A receivership ends automatically 1 year after the
court appoints the receiver, unless the court:

(1)  Terminates the receivership sooner; or

(2)  On petition of the Secretary, extends the
receivership for an additional 1-year period because the court
finds that the grounds for appointment of a receiver under Part V
of this subtitle still exist.

(c)  The sale of a nursing home or site for a community
[residential] program or any of its assets does not terminate a
receivership of the nursing home OR COMMUNITY PROGRAM.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1989.

Approved May 5, 1989.

CHAPTER 110

(Senate Bill 192)

AN ACT concerning

Financial Institution Franchise Tax - Net Earnings

Income Tax and Financial Institution Franchise
Tax - Net Operating Loss

FOR the purpose of providing that a financial institution may not
report a federal taxable income of less than zero in

computing net earnings for purposes of the financial

institution franchise tax; providing for the application of

this Act; and making this Act an emergency measure

providing, for Maryland income tax and financial institution
franchise tax purposes, an addition modification in the
amount of a net operating loss deduction to the extent that
the cumulative use of a net operating loss to offset
Maryland income exceeds the amount of the net operating
loss; defining certain terms; and providing for the
effective date and application of this Act.

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