Maryland § 11-506
Full text of Maryland Maryland Code § 11-506, with citation guidance and answers to common questions.
§ 11-506.
(a) The Board of Supervisors of the Association shall maintain a Maintenance and Replacement Fund for the replacement and repair of the major equipment of the Association.
(b) The State Board of Pilots shall determine a percentage of the pilotage fees collected by the Association to be set aside in the Fund.
(c) The Board of Supervisors of the Association shall obtain written approval from the State Board of Pilots for any expenditures from the Fund.
(d) (1) Except as provided in paragraph (2) of this subsection, the balance in the Fund shall remain at or above $500,000.
(2) (i) The balance of the Fund may fall below $500,000 for expenditures authorized by the Board.
(ii) The balance of the Fund may not remain below $500,000 for more than 10 consecutive years.
(iii) At no time shall the balance of the Fund fall below $100,000.
(e) The Board of Supervisors of the Association shall deposit the money authorized under subsection (b) of this section into the Maintenance and Replacement Fund.
(f) (1) The Board of Supervisors of the Association shall hold the Maintenance and Replacement Fund in trust.
(2) The Association:
(i) may invest or hold the Fund in any manner that the Association finds desirable, in light of the nature and purpose of the Fund;
(ii) may place control and management of the Fund, or a part of the Fund, with a bank or trust company that is subject to State or federal regulation; and
(iii) is not limited to investments in property that has been designated, under any law of the State, as strictly suitable for investment of a trust fund.
(g) Assets held in trust under this section are not subject to attachment or execution.
Frequently Asked Questions About Maryland § 11-506
What does Maryland Code § 11-506 cover?
Section 11-506 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 11-506?
A common citation format is "Maryland Code § 11-506" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 11-506 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.