Ch. 11

1996 LAWS OF MARYLAND

(g)(1)(ii) and (2), the introductory language of (i)(1), and (j) of this section,
the references to "agreements for annuity payments with donors" are
substituted for the former references to "annuity agreement[s]" to clarify that
these "agreements" are not annuity contracts as defined in § 1-101 of this
article.

In subsection (b) of this section, the former word "unless" is deleted as
unnecessary in light of the word "until".

In subsection (d)(1) of this section, the term "special permit holder" is
substituted for the former reference to an "educational or religious
organization, hospital, or community foundation issuing annuities under a
permit issued under subsection (b)(1) of this section" for brevity.

In subsection (d)(2) of this section, the term "special permit holder" is
substituted for the former vague reference to "any such organization" for
consistency with subsection (d)(1) of this section.

In subsections (e) and (f) of this section, the term "special permit holder" is
substituted for the former reference to "such educational or religious
organization, hospital or community foundation" for brevity. Similarly, in
subsection (g)(1) of this section, the reference to "special permit holder" is
substituted for the former reference to "such organization, having a special
permit". Similarly, in subsection (h)(1) of this section, the term "special
permit holder" is substituted for the former reference to "such educational or
religious organization, hospital; or community foundation issuing annuities
under special permit from the Commissioner".

In subsection (g)(2) of this section, the word "full", which formerly modified
"force", is deleted as surplusage.

Also in subsection (g)(2) of this section, the former word "effect" is deleted as
unnecessary in light of the word "force".

In subsections (h)(1) and (i)(2) of this section, the reference to "issuing
annuities" are substituted for the former vague references to "such activity"
and "such agreements" for clarity.

In subsections (h)(2) and (i)(3) of this section, the phrase "after June 1, 1957"
is substituted for the former term "hereafter" for clarity. That date is the
effective date for the original enactment of this provision.

In subsection (i)(2) of this section, the reference to "[a]n 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 substituted for the former vague reference to "every
such educational or religious organization, hospital, or community
foundation" for clarity.

Defined terms: "Annuity" § 1-101
"Commissioner" § 1-101
"Life insurer" § 1-101

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