2862

LAWS OF MARYLAND

Ch. 772

(iv) A provision that requires the
borrowing subdivision to give the Secretary at least 30
days' prior written notice of any proposed sale, lease, or
conveyance and that requires that prior written approval of
the Secretary before the sale, lease, or conveyance, which
approval the Secretary shall grant unless the sale, lease,
or conveyance violates a provision of the loan agreement or
is clearly inconsistent with the purposes of this subtitle;
and

(v) A provision that requires, on sale of
any portion of the land, prepayment of the principal of the
loan from the sale proceeds in an amount that equals the
amount of the original loan multiplied by the proportion of
the land sold to the total land for which the loan was made
originally and a provision for reducing the amortization
payments accordingly.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1981.

Approved May 19, 1981.

CHAPTER 773

(House Bill 1297)

AN ACT concerning

State Funding for Education

Abandoned Property

Supplementary Appropriation—State Funding

for Community Colleges

FOR the purpose of altering the State share formula for
community colleges; providing additional State funds to
certain community colleges in this State; and making

this Act contingent on a certain appropriation

providing for definition of a term; altering the time
periods that create a presumption that certain property
may be considered abandoned by its owner; providing a
time period before there is a presumption of
abandonment of certain property; imposing certain
restrictions on certain charges or withholding of
certain benefits; requiring certain persons to make a
report; requiring the Comptroller to invest and pay
interest on certain property; requiring the sale of
abandoned property; altering certain penalties;
providing for the disposition of funds; providing a
valuation method for the sale of abandoned property;
clarifying language; generally relating to the
disposition of abandoned property in this State;