§10–457.    IN EFFECT

    (a)    There is a Maryland Innovation Initiative Fund.

    (b)    The purpose of the Fund is to provide funding for the purposes described in §§ 10–456 and 10–461 of this subtitle.

    (c)    The Corporation shall administer the Fund.

    (d)    The Fund consists of:

        (1)    appropriations as provided in the State budget;

        (2)    contributions by the qualifying universities under § 10–455 of this subtitle and eligible universities under § 10–461 of this subtitle;

        (3)    grants or funds from federal laboratories located in Maryland;

        (4)    interest or other income earned on the investment of money in the Fund; and

        (5)    any other money accepted for the benefit of the Initiative.

    (e)    Money in the Fund may be used only to:

        (1)    award grants or provide equity investment financing to promote the commercialization of research in accordance with the terms of this part; and

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

    (f)    (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.

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

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

§10–457.    // EFFECTIVE JUNE 30, 2024 PER CHAPTER 697 OF 2021 //

    (a)    There is a Maryland Innovation Initiative Fund.

    (b)    The purpose of the Fund is to provide funding for the purposes described in § 10–456 of this subtitle.

    (c)    The Corporation shall administer the Fund.

    (d)    The Fund consists of:

        (1)    appropriations as provided in the State budget;

        (2)    contributions by the qualifying universities under § 10–455 of this subtitle;

        (3)    grants or funds from federal laboratories located in Maryland;

        (4)    interest or other income earned on the investment of money in the Fund; and

        (5)    any other money accepted for the benefit of the Initiative.

    (e)    Money in the Fund may be used only to:

        (1)    award grants or provide equity investment financing to promote the commercialization of research in accordance with the terms of this part; and

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

    (f)    (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.

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

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