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Statutes Text

Article - Economic Development




§10–448.

    (a)    There is a Coordinating Emerging Nanobiotechnology Research in Maryland Fund in the Corporation.

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

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

    (c)    The Fund consists of:

        (1)    appropriations as provided in the State budget; and

        (2)    any other money from any other source accepted for the benefit of the CENTR Maryland Program.

    (d)    The Executive Director of the Corporation, or the Executive Director’s designee, shall administer the Fund in accordance with this part and other applicable law.

    (e)    The Fund shall be used to cover the costs of the Program, including any grants that are awarded to eligible recipients.

    (f)    (1)    The 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.

    (g)    The Legislative Auditor shall audit the accounts and transactions of the Fund as provided in § 2–1220 of the State Government Article.