H.B. 1103

VETOES

(2)     THE CLERK SHALL PAY THE PROCEEDS FROM THE ADDITIONAL FEE
TO THE COUNTY COMMISSIONERS EACH MONTH: AND

(3)     THE PROCEEDS. IN ADDITION TO DESIGNATED FEDERAL STATE,
AND COUNTY FUNDS. SHALL BE USED TO FUND DOMESTIC VIOLENCE PROGRAMS
ESTABLISHED UNDER TITLE 4. SUBTITLE 5 OF THIS ARTICLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1997.

May 22, 1997

The Honorable Casper R. Taylor, Jr.
Speaker of the House
State House
Annapolis MD 21401

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed House Bill 1103.

This bill provides that a stock distribution or spin-off shares of stock of a corporation that
had been owned or acquired by the distributing corporation is considered principal, not
income, with regards to the administration of trusts.

Senate Bill 633, which was passed by the General Assembly and signed by me on this
date, accomplishes the same purpose. Therefore, it is not necessary for me to sign House
Bill 1103.

Sincerely,

Parris N. Glendening

Governor

House Bill No. 1103

AN ACT concerning

Estates and Trusts - Stock Distributions

FOR the purpose of establishing that, for purposes of determining income and principal
of a trust, certain stock distributions or spin-offs of shares of stock of a corporation
are principal.

BY repealing and reenacting, with amendments,
Article - Estates and Trusts
Section 14-205(a)
Annotated Code of Maryland
(1991 Replacement Volume and 1996 Supplement)

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