PARRIS N. GLENDENING, Governor

Ch. 11

(2)      IN CASE OF REVOCATION OR SUSPENSION, OUTSTANDING
AGREEMENTS FOR ANNUITY PAYMENTS WITH DONORS SHALL REMAIN IN FORCE.

(3)      THE ACTION OF THE COMMISSIONER UNDER THIS SUBSECTION IS
SUBJECT TO JUDICIAL REVIEW UNDER § 2-215 OF THIS ARTICLE.

(H) EXEMPTION FROM OTHER PROVISIONS OF ARTICLE.

(1)      EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION, A SPECIAL
PERMIT HOLDER IS EXEMPT FROM THE PROVISIONS OF THIS ARTICLE WITH
RESPECT TO ISSUING ANNUITIES.

(2)      SPECIAL PERMIT HOLDERS ARE NOT SUBJECT TO A LAW ENACTED
AFTER JUNE 1, 1957, UNLESS THEY ARE EXPRESSLY DESIGNATED IN THE LAW.

(I) OTHER ACCEPTANCE OF CONDITIONAL DONATIONS.

(1)      OTHER THAN BY AGREEMENTS FOR ANNUITY PAYMENTS WITH
DONORS, AN EDUCATIONAL OR RELIGIOUS ORGANIZATION, HOSPITAL, OR
COMMUNITY FOUNDATION MAY AGREE TO:

(I)       ACCEPT CONDITIONAL DONATIONS; AND

(II)     PAY TO THE DONOR OR THE DONOR'S NOMINEE A SPECIFIED
RETURN ESTABLISHED WITH REFERENCE TO THE ACTUAL NET EARNINGS OF THE
PARTICULAR DONATION OR WITH REFERENCE TO THE ACTUAL OR ESTIMATED
EARNINGS OF A SPECIFIED FUND OF THE DONEE ORGANIZATION.

(2)      AN EDUCATIONAL OR RELIGIOUS ORGANIZATION, HOSPITAL, OR
COMMUNITY FOUNDATION THAT ACCEPTS CONDITIONAL DONATIONS AND PAYS A
SPECIFIED RETURN TO DONORS UNDER PARAGRAPH (1) OF THIS SUBSECTION IS
EXEMPT FROM THIS SECTION AND ALL OTHER PROVISIONS OF THIS ARTICLE WITH
RESPECT TO ISSUING ANNUITIES.

(3)      EDUCATIONAL OR RELIGIOUS ORGANIZATIONS, HOSPITALS, OR
COMMUNITY FOUNDATIONS THAT ACCEPT CONDITIONAL DONATIONS AND PAY
SPECIFIED RETURNS TO DONORS UNDER THIS SUBSECTION ARE NOT SUBJECT TO
ANY LAW ENACTED AFTER JUNE 1, 1957, UNLESS THEY ARE EXPRESSLY DESIGNATED
IN THE LAW.

(J) AUTHORITY TO MAKE AGREEMENTS.

NOTWITHSTANDING THE ABSENCE OF EXPRESS POWER IN THE CHARTER OF A
DOMESTIC EDUCATIONAL, RELIGIOUS, OR HOSPITAL CORPORATION OR
COMMUNITY FOUNDATION, THE CORPORATION OR COMMUNITY FOUNDATION MAY
MAKE THE AGREEMENTS FOR ANNUITY PAYMENTS WITH DONORS OR OTHER
AGREEMENTS WITH RESPECT TO CONDITIONAL DONATIONS THAT ARE EXPRESSLY
ALLOWED BY THIS SECTION.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 487.

In subsections (b), the introductory language of (c)(1), (d)(1) and (2), (e),

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