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3366 LAWS OF MARYLAND Ch. 871
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82 80.
(A) EVERY FIDUCIARY OF A PLAN AND EVERY PERSON WHO
HANDLES FUNDS OR OTHER PROPERTY OF A PLAN (HEREAFTER IN
THIS SECTION REFERRED TO AS "PLAN OFFICIAL") SHALL BE
BONDED PURSUANT TO ARTICLE 78A, SECTIONS 46 THROUGH 50.
AS PROVIDED IN THIS SECTION. THE BOND SHALL PROVIDE
PROTECTION TO THE PLAN AGAINST LOSS BY REASON OF ACTS OF
FRAUD OR DISHONESTY ON THE PART OF THE PLAN OFFICIAL,
DIRECTLY OR THROUGH CONNIVANCE WITH OTHERS. ANY BOND
SHALL BE IN A FORM OR OF A TYPE APPROVED BY THE
COMMISSIONER OF INSURANCE, INCLUDING INDIVIDUAL BONDS OR
SCHEDULE OR BLANKET FORMS OF BONDS WHICH COVER A GROUP OR
CLASS.
(B) IT IS UNLAWFUL FOR ANY PLAN OFFICIAL TO WHOM
SUBSECTION (A) OF THIS SECTION APPLIES, TO RECEIVE,
HANDLE, DISBURSE, OR OTHERWISE EXERCISE CUSTODY OR
CONTROL OR OF ANY OF THE FUNDS OR OTHER PROPERTY OF ANY
PLAN, WITH WITHOUT BEING BONDED AS REQUIRED BY SUBSECTION
(A) AND IT SHALL BE UNLAWFUL FOR ANY PLAN OFFICIAL OF A
PLAN, OR ANY OTHER PERSON HAVING AUTHORITY TO DIRECT THE
PERFORMANCE OF THESE FUNCTIONS, TO PERMIT THESE
FUNCTIONS, OR ANY OF THEM, TO BE PERFORMED BY ANY PLAN
OFFICIAL, WITH RESPECT TO WHOM THE REQUIREMENTS OF
SUBSECTION (A) HAVE NOT BEEN MET.
(C) IT IS UNLAWFUL FOR ANY PERSON TO PROCURE ANY
BOND REQUIRED BY SUBSECTION (A) FROM ANY SURETY OR OTHER
COMPANY OR THROUGH ANY AGENT OR BROKER IN WHOSE BUSINESS
OPERATIONS A PLAN OR ANY PARTY IN INTEREST IN SUCH PLAN
HAS ANY CONTROL OR SIGNIFICANT FINANCIAL INTEREST, DIRECT
OR INDIRECT.
(D) (C) NOTHING IN ANY OTHER PROVISION OF LAW
SHALL REQUIRE ANY PERSON, REQUIRED 9TO TO BE BONDED AS
PROVIDED IN SUBSECTION (A) BECAUSE HE HANDLES FUNDS OR
OTHER PROPERTY OF A PLAN, TO BE BONDED INSOFAR AS THE
HANDLING BY SUCH PERSON OF THE FUNDS OR OTHER PROPERTY OF
A PLAN IS CONCERNED.
SECTION 2. AND BE IT FURTHER ENACTED, That Sections
13A(e) and (f) of Article 73B — Pensions, of the
Annotated Code of Maryland (1970 Replacement Volume and
1976 Supplement) be and they are hereby repealed and
reenacted, with amendments, to read as follows:
Article 73B - Pensions
13A.
(e) Indemnification may not be made (1) with
respect to any suit, claim, or matter as to which the
person was adjudged to be liable for GROSS negligence or
WILFUL misconduct in the performance of his duty to the
Employees' Retirement System[. The court in which the
action was brought may determine, upon application, that,
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