1250

LAWS OF MARYLAND

Ch. 220

Preamble

WHEREAS, Although this section assigns the "duty" to

the Board of Public Works of investing sums belonging to the

State Accident Fund, in reality investments are made by the
Treasurer; now, therefore,

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 101 — Workmen's Compensation

80.

(A)          Whenever [and as often as there shall be] THERE
IS in the hands of the Treasurer any sum belonging to the

State Accident Fund not likely, in the opinion of the

commissioners of the State Accident Fund, to be required for
immediate use, fit shall be the duty of the Board of Public
Works] THE TREASURER, when called upon by the commissioners,
[to] SHALL invest [the same] THAT MONEY in investments legal
for fire, casualty, and miscellaneous insurance companies as
[may be] provided [from time to time] in §§97 through 107 of
Article 48A - INSURANCE CODE, of this Code [(1964

Replacement Volume and 1964 Supplement to Replacement
Volume, as amended) from time to time], [when and as it may
become] IF necessary or expedient to use the moneys so
loaned or invested, the [Board of Public Works shall]
TREASURER, when called upon by the commissioners, SHALL
collect or sell or otherwise realize upon any such loan or
investment[,and any], ANY interest accruing upon any such
loan or investment, as well as any interest received upon
the deposit of moneys belonging to [said] THE fund, shall he
credited to [said] THE fund.

(B)          The State Treasurer may deposit any portion of
the State fund not needed for immediate use[,] in the manner
and subject to all provisions of law respecting the deposit
of other State funds by him. Interest earned by such
portion of the State Accident Fund deposited by the State
Treasurer shall be collected by him and placed to the credit
of the fund.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved May 2, 1978.

CHAPTER 221
(Senate Bill 277)
AN ACT concerning