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2903
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MARVIN MANDEL, Governor
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Replacement Volume and 1976 Supplement) be and they are
hereby repealed and reenacted, with amendments, to read
as follows:
Article 48A — Insurance Code
243A.
(d) All moneys collected pursuant to this section,
and all other funds collected by or on behalf of the
Fund, whether through premiums, earnings from
investments, or otherwise, shall be [turned over to the
treasurer and credited to the account of the Fund; and
all] CREDITED TO THE FUND AND MANAGED AND INVESTED BY AN
MANAGED AND INVESTED BY THE FUND THROUGH AN INVESTMENT
COMMITTEE COMPOSED OF THE EXECUTIVE DIRECTOR AND TWO
MEMBERS OF THE BOARD OF TRUSTEES TO BE SELECTED BY THE
BOARD. ALL operating expenses of the Fund shall be paid
from such revenues. [The account of the Fund shall be
a special fund account, and shall not be deemed part of
the treasury of the State.] The State shall not
provide general fund appropriations to the Fund; and the
debts and obligations of the Fund shall not be deemed in
any manner to be a debt of the State or a pledge of its
credit.
243E.
Whenever and as often as there is credited to the
Fund any sum not likely, in the opinion of the executive
director, to be required for immediate use, [the Board of
Public Works shall, upon request of the executive
director, ] THE INVESTMENT COMMITTEE CREATED BY §243A MAY
invest the same in investments legal for casualty
insurance companies, as may be provided in §§ 97 through
107, inclusive, of this article, as amended from time to
time. When and as it may become necessary or expedient
to use the moneys so invested, the [Board of Public Works
shall, upon request of the executive director,]
INVESTMENT COMMITTEE MAY collect, sell, or otherwise
realize upon such investment, and any interest accruing
thereon, as well as any interest received upon the
deposit of moneys credited to the Fund, and credit the
same to the Fund.
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SECTION 2. AND BE IT FURTHER ENACTED, That all
investments and moneys credited to the account of the
Fund by the State Treasurer, as of July 1, 1977,
including any interest earned on such investments and
moneys, shall be delivered to the Fund by the State
Treasurer.
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SECTION 2 3. AND BE IT FURTHER ENACTED, That this
Act shall take effect July 1, 1977.
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Approved May 26, 1977.
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