§ 10-482

Maryland § 10-482

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 10

Text

(a) There is an Inclusion Fund in the Corporation.

(b) The purpose of the Fund is to provide capital investment in technology–based businesses that:

(1) would qualify for investment under the Builder Fund, as provided in regulations adopted by the Corporation;

(2) are at least 30% owned by individuals who demonstrate economic disadvantage; and

(3) are controlled and managed for at least 1 year after the time of investment by an individual or individuals who demonstrate economic disadvantage.

(c) The Corporation shall administer the Fund.

(d) (1) The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.

(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

(e) The Fund consists of:

(1) money appropriated in the State budget to the Fund;

(2) interest earnings of the Fund; and

(3) any other money from any other source accepted for the benefit of the Fund.

(f) The Fund may be used only:

(1) for the purposes described in subsection (b) of this section; and

(2) to pay the costs necessary to administer the Fund.

(g) (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

(2) Any investment earnings of the Fund shall be credited to the Fund.