Section 11-401 – Nonstate Funds

    Nonstate funds received by the Corporation shall be accounted for and reported as receipts and disbursements separate and distinct from State funds.

Section 11-402 – Maryland Legal Services Corporation Fund

    (a)    There is a Maryland Legal Services Corporation Fund.     (b)    The Administrative Office of the Courts shall administer the Fund.     (c)    The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.     (d)    The Fund consists of:         (1)    money deposited to the Fund from the surcharge assessed in civil cases […]

Section 11-403 – Disposition of Money and Property

    The Corporation shall accept and use any money or property received by gift, devise, bequest, or otherwise to further the purposes of this title.

Section 11-404 – Issuance of Stock Prohibited

    The Corporation may not issue stock or declare or pay dividends.

Section 11-405 – Restrictions on Disposition of Corporate Earnings

    (a)    (1)    This subsection does not apply to reasonable compensation paid for services rendered to or for the Corporation.         (2)    Net earnings of the Corporation may not inure to the benefit of any individual.     (b)    An individual may not share in the distribution of corporate assets on dissolution of the Corporation.

Section 11-406 – Disposition of Assets on Liquidation

    On the liquidation, dissolution, or winding up of the Corporation, after payment of the obligations and liabilities of the Corporation, all of the assets of the Corporation shall be transferred to one or more corporations or associations that:         (1)    have a character or purpose similar to the Corporation’s;         (2)    are selected by the Board; and         (3)    qualify under […]

Section 11-407 – Annual Audits

    (a)    (1)    The accounts of the Corporation shall be audited annually.         (2)    The audits shall be conducted in accordance with generally accepted auditing standards by an independent certified public accountant.     (b)    (1)    An audit under this section shall be conducted where the accounts of the Corporation are normally kept.         (2)    If owned or in use by the Corporation and necessary to […]

Section 11-408 – Audits by Legislative Auditor

    (a)    (1)    The audit authorized by this section is in addition to the annual audit required by § 11-407 of this subtitle.         (2)    For any fiscal year during which State funds are available to finance any portion of the operations of the Corporation, the Legislative Auditor may audit the financial transactions of the Corporation.     (b)    (1)    An audit under this […]