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Constitutional Revision Study Documents of the Constitutional Convention Commission, 1968
Volume 138, Page 178   View pdf image (33K)
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EXECUTIVE BRANCH

 
 

"Section 18. coupons paid by
agents to be transferred
semiannually.
The agents employed to pay the
interest upon the public debt are hereby
required semiannually to transmit to
the Treasurer of the State all coupons
they may have paid up to the time of
making such transmission.
"Section 19. How securities kept;
access to.
All bonds, certificates of stock and
other securities purchased or obtained
by the Treasurer for the use of the
sinking fund, transferred and assigned
to or deposited with the Treasurer,
in trust or otherwise, by any corpora-
tion of this or any other state, or by
any individual, pursuant to any law
or laws of this State, and all bonds,
certificates of stock and other securi-
ties belonging to the State shall be de-
posited and kept in some safe deposit
company in the City of Baltimore to
be selected by the Treasurer with the
approval of the Board of Public Works;
the Treasurer alone shall not be en-
titled to have access to the box, boxes,
vault or vaults, where such securities
shall be kept, but on all occasions when
access to the same is to be had by him
he shall be accompanied by either the
Governor, the Comptroller, the chief
deputy comptroller or a deputy comp-
troller, and on all occasions when access
to the same is necessary and the Treas-
urer is unable to attend in person, the
chief deputy treasurer or a deputy
treasurer shall be entitled to have ac-
cess thereto if accompanied by either
the Governor, the Comptroller or the
chief deputy comptroller; the box or
boxes, vault or vaults, where such se-
curities shall be kept shall be so con-
structed that two entirely different
keys shall be required to gain access
to said securities, one of which keys
178

for each such box or vault shall be in
the custody of the Treasurer and the
other in that of the Comptroller.
"Section 20. duplicate certificates
obtained for lost certificates
of bank stock owned by
state.
The Treasurer is authorized on the
order of the Board of Public Works
to obtain duplicate certificates for any
bank stock owned and held by the
State when the original certificates
have been lost or misplaced ; and when
any duplicate certificates have here-
tofore been issued to said Treasurer on
his application in pursuance of an
order of said Board or may hereafter
be issued to him in pursuance of the
order of said Board, the State does
hereby agree and undertake to indem-
nify and save harmless and free from
loss the said banks so issuing or having
issued said duplicate certificates as
aforesaid.
"Section 21. depositories; approv-
al of selection by governor;
security.
The Treasurer may deposit the
moneys of the State in such bank or
banks as he may select, or in such trust
company or trust companies, incor-
porated under the laws of this State
and doing business therein, as he may,
from time to time, with the approval
of the Governor, select; such deposi-
tories giving security, satisfactory to the
Governor, for the safekeeping and
forthcoming, when required, of said
deposits.
"Section 22. investment by treas-
urer and others in united
states government bonds or
savings accounts in maryland
banks.
Notwithstanding any provision of
law or ordinance to the contrary or any

 

 
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Constitutional Revision Study Documents of the Constitutional Convention Commission, 1968
Volume 138, Page 178   View pdf image (33K)
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