Section 11-410 - Money of Corporation. - Maryland Statutes

§ 11-410. Money of Corporation.
 

(a)  Accounts.- The Corporation may establish any accounts that it requires. 

(b)  Deposit of money.- The Corporation shall deposit its money into a State or national bank or a federally insured savings and loan association in the State that has a total paid-in capital of at least $1,000,000. 

(c)  Depository designees.- The Corporation may designate the trust department of a State or national bank or of a savings and loan association as a depository to receive securities that the Corporation owns or acquires. 

(d)  Allowed investments.- Unless an agreement limits classes of investments, the Corporation may invest its money in bonds or other obligations of, or guaranteed as to principal and interest by, the United States, the State, or a unit or political subdivision of the State. 
 

[An. Code 1957, art. 83A, § 5-1608(a), (b); 2008, ch. 306, § 2.]