Section 10-318 - Surplus. - Maryland Statutes

§ 10-318. Surplus.
 

(a)  Investment.-  

(1) The State Treasurer shall invest surplus money of the Fund in any security in which a savings bank may invest under State law. 

(2) If the State Treasurer invests in a certificate of deposit, it shall: 

(i) be interest bearing; 

(ii) be issued by: 

1. a bank located and authorized to do business in the State; 

2. a national banking association located in the State; or 

3. a trust company located and authorized to do business in the State; and 

(iii) be secured in full by a pledge of a direct obligation of the State or United States. 

(b)  Conversion.- If sale of a security in which money of the Fund is invested is in the best interest of the Fund, the State Treasurer may sell the security. 
 

[An. Code 1957, art. 101, § 92; 1991, ch. 8, § 2.]