WILLIAM DONALD SCHAEFER, Governor                        Ch. 3

PAYMENT IS TO BE MADE, WERE ELIGIBLE FOR PAYMENTS AS INACTIVE OR
PERMANENTLY DISABLED PILOTS.

(2) WITHIN 10 DAYS AFTER THE BOARD RECEIVES THE
AMOUNT PAID UNDER PARAGRAPH (1) OF THIS SUBSECTION, THE BOARD
SHALL DISTRIBUTE THAT AMOUNT EQUALLY TO THOSE PILOTS WHO, AT THE
BEGINNING OF THE MONTH FOR WHICH THE PAYMENT IS MADE, WERE
ELIGIBLE FOR PAYMENTS AS INACTIVE OR PERMANENTLY DISABLED PILOTS.

REVISOR'S NOTE: This section is new language derived
without substantive change from the second clause of
the introductory language, item (a), the first
sentence of item (b), and the fourth sentence of item
(c) of former Art. 74, § 10.

Defined terms: "Association" § 11-101
"Board" § 11-101 "Licensed pilot" § 11-101
"Pilot" § 11-101

11-507. MAINTENANCE AND REPLACEMENT FUND.

(A)  IN GENERAL.

THE STATE BOARD OF PILOTS SHALL DETERMINE A PERCENTAGE   OF

THE PILOTAGE FEES COLLECTED BY THE ASSOCIATION TO BE SET ASIDE   IN

A FUND FOR THE REPLACEMENT AND REPAIR OF THE MAJOR EQUIPMENT    OF
THE ASSOCIATION.

(B)  PAYMENT INTO FUND.

(1)  THE BOARD OF SUPERVISORS OF THE ASSOCIATION SHALL
DEDUCT THE PERCENTAGE SET BY THE STATE BOARD OF PILOTS FROM THE
PILOTAGE FEES COLLECTED BY THE ASSOCIATION AND PAY THAT AMOUNT TO
THE STATE BOARD OF PILOTS.

(2)  THE STATE BOARD OF PILOTS SHALL DEPOSIT THE
AMOUNT RECEIVED UNDER THIS SUBSECTION INTO THE MAINTENANCE AND
REPLACEMENT FUND.

(C)  FUND HELD IN TRUST.

(1)  THE STATE BOARD OF PILOTS SHALL HOLD THE
MAINTENANCE AND REPLACEMENT FUND IN TRUST FOR THE ASSOCIATION.

(2)  THE STATE BOARD OF PILOTS:

(I)  MAY INVEST OR HOLD THE FUND IN ANY MANNER
THAT THE BOARD FINDS DESIRABLE, IN LIGHT OF THE NATURE AND
PURPOSE OF THE FUND;

(II)  MAY PLACE CONTROL AND MANAGEMENT OF THE
FUND, OR A PART OF THE FUND, WITH A BANK OR TRUST COMPANY THAT IS
SUBJECT TO STATE OR FEDERAL REGULATION; AND

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