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PARRIS N. GLENDENING, Governor
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Ch. 135
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Also in subsection (a) of this section, the former reference to certain documents
that are "acknowledged" is deleted as included in the reference to certain documents
that are "executed".
Also in subsection (a) of this section, the former reference to "affidavits executed
in connection therewith pursuant to § 22(b) of this act" is deleted as unnecessary in
light of the reference to "any affidavits required under this subtitle".
In subsection (b) of this section, the references to articles "or certificate" are
added for consistency with subsection (a) of this section.
Also in subsection (b) of this section, the reference to the fees "provided for in §
5-637 of this subtitle" is substituted for the former reference to the fees "as in this act
provided" for clarity.
Also in subsection (b) of this section, the requirement that the Department
"accept for record" certain documents "filed" with the Department is substituted for
the former requirement that the Department "file" certain documents "presented" to
the Department "in the records of its office" for accuracy and consistency with
subsection (a) of this section and with similar provisions of the Maryland General
Corporation Law. See, e.g., §§ 3-113(a)(l), 3-208(a), 3-405(a), 3-408(a), and 3-510 of
this article. Correspondingly, in subsection (c) of this section, the reference to certain
events being effective "as of the time the Department accepts the articles for record"
is substituted for the former reference to the events being effective "upon such filing".
Defined term: "Department" § 1-101
5-637. FEES; EXEMPTION FROM EXCISE AND INCOME TAXES.
(A) FILING AND RECORDING FEES.
THE DEPARTMENT SHALL COLLECT FEES FOR FILING AND RECORDING
CORPORATE DOCUMENTS AS PROVIDED IN § 1-203 OF THIS ARTICLE.
(B) ANNUAL FEES.
ON OR BEFORE JULY 1 OF EACH YEAR, EACH COOPERATIVE AND EACH FOREIGN
CORPORATION DOING BUSINESS IN THE STATE UNDER THIS SUBTITLE SHALL PAY A
FEE OF $10 $100 TO THE DEPARTMENT.
(C) EXEMPTION FROM EXCISE AND INCOME TAXES.
EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, A COOPERATIVE OR
A FOREIGN CORPORATION DOING BUSINESS IN THE STATE UNDER THIS SUBTITLE IS
NOT SUBJECT TO ANY EXCISE OR INCOME TAX.
DRAFTER'S NOTE; This section is new language derived without substantive
change from former Ch. 179, §§ 28 and 29, Acts of 1976, as amended by Ch. 604, Acts
of 2001.
In subsection (a) of this section, the former requirement to "charge" certain fees
is deleted as implicit in the requirement to "collect" certain fees.
Defined terms: "Cooperative" § 5-601
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- 1441 -
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