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S.B. 383
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VETOES
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Annotated Code of Maryland
(1997 Replacement Volume and 2001 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article—Education
18-1999.
(e) (1) (I) THE BOARD MAY NOT ALLOW THE SAME PURCHASER TO
PURCHASE MORE THAN ONE PREPAID CONTRACT FOR A SINGLE BENEFICIARY IN
THE SAME CALENDAR YEAR.
(II) THE BOARD MAY ALLOW A PURCHASER TO PURCHASE
MULTIPLE TUITION PLANS FOR THE SAME BENEFICIARY WIDER A SINGLE PREPAID
CONTRACT AND MAY PROVIDE FOR MULTIPLE PAYMENT OPTIONS UNDER A SINGLE
PREPAID CONTRACT.
(2) The Board shall allow the conversion of a prepaid contract from one
tuition plan or payment option to a different tuition plan or payment option.
18-19A-03.
(e) (1) The Plan:
(i) Shall be established in the form determined by the Board; and
(ii) May be established as a trust to be declared by the Board.
(2) The Plan may be divided into multiple investment portfolios.
(3) If the Plan is divided into multiple portfolios as provided in
paragraph (2) of this subsection, the debts, liabilities, obligations, and expenses
incurred, contracted for, or otherwise existing with respect to a particular portfolio
shall be enforceable against the assets of that portfolio only and not against the assets
of the Plan generally, if:
(i) Distinct records are maintained for each portfolio; and
(ii) The assets associated with each portfolio are accounted for
separately from the other assets of the Plan.
(4) (I) THE BOARD MAY NOT ALLOW THE SAME CONTRIBUTOR TO
OPEN MORE THAN ONE INVESTMENT ACCOUNT FOR A SINCLE BENEFICIARY IN THE
SAME CALENDAR YEAR
(II) THE BOARD MAY ALLOW A CONTRIBUTOR TO INVEST IN
MULTIPLE PORTFOLIOS FOR THE SAME BENEFICIARY UNDER A SINGLE INVESTMENT
ACCOUNT.
Article - Tax - General
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- 4552 -
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