SPIRO T. AGNEW, Governor                      1535

out, and account for all monies that may be placed in his hands or
deposited with him for the payment of the principal and interest
on the public debt of this State according to the terms of such
arrangement. It shall be lawful for the State Treasurer to receive
as surety, collateral to the said bond instead of personal corporate
security, registered public stock of the United States, of State of
Maryland, of Baltimore City, or bonds of any county or municipal
corporation of this State, which shall be approved by the State
Treasurer to the amount, in value, of $200,000.00, which stock must
be registered in the name of the said Treasurer, officially, as held
in trust under and pursuant to this section, and same shall be held
in trust by said Treasurer to secure the performance of the condi-
tions of the said bond.] Any agent appointed by the Treasurer shall,
upon entering the performance of his duties, be covered by a surety
bond in accordance with the provisions of Sections 46 through 50
of Article 78A of the Annotated Code of Maryland.

Article 97
73. Powers and duties of Commission.

(d) Employees—The Commission shall have authority to appoint
a secretary and such other employees as may be necessary, at sal-
aries to be fixed by the Commission. [All employees handling money
under this subtitle shall be required to furnish surety bonds.] The
employees of said Commission shall be covered by surety bonds in
accordance with the provisions of Sections 46 through 50 of Article
78A of the Annotated Code of Maryland.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1967.

Approved May 4, 1967.

CHAPTER 704
(Senate Bill 690)

AN ACT to repeal and re-enact, with amendments, Section 161 of
Article 11 of the Annotated Code of Maryland (1957 Edition),
title "Banks and Trust Companies," subtitle "Credit Unions," to
change the period during which credit unions may temporarily
borrow monies for its purposes.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 161 of Article 11 of the Annotated Code of Maryland
(1957 Edition), title "Banks and Trust Companies," subtitle "Credit
Unions" be and it is hereby repealed and re-enacted, with amend-
ments to read as follows:

161.

A credit union may borrow from any source, such sum or sums
of money which will not exceed twenty-five (25) per cent of its
assets, for a period not exceeding [ninety days] one year. SIX