Maryland Code, NATURAL RESOURCES 1-703
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Terms Used In Maryland Code, NATURAL RESOURCES 1-703
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(a) (1) The Secretary may distribute not more than 5% of the net proceeds of the Fund to a promotional account to be used to promote further donations to the Fund.
(2) Money in the Fund may be used for administrative costs calculated in accordance with § 1-103(b)(2) of this title.
(b) After making the distributions allowed under subsection (a) of this section, the Secretary shall distribute the remainder of the net proceeds of the Fund as follows:
(1) 50% to the Chesapeake Bay Trust established under § 8-1902 of this article, to be used by the Trust only as provided in § 1-704 of this subtitle; and
(2) 50% to an endangered species account, to be used only to conserve nongame, threatened and endangered species as provided in § 1-705 of this subtitle.