BLAIR LEE III,

Acting Governor

1277

BY repealing and reenacting, with amendments,

Article 95 - Treasurer

Section 21

Annotated Code of Maryland

(1969 Replacement Volume and 1977 Supplement)

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be repealed, amended, or enacted to read as follows: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 95 - Treasurer

21.

The Treasurer may deposit the moneys of the State in a
bank or banks as he may so select, or in a trust company or
trust companies, incorporated under the laws of this State
and doing business therein, or in a savings and loan
association or savings and loan associations, or in a
building and loan association or building and loan
associations, incorporated under the laws of the United
States or incorporated under the laws of this State, as he
may, from time to time, with the approval of the Governor,
select. These depositories shall give security in the form
of collateral as provided for in § 21A of this article,
satisfactory to [the Governor and] the Treasurer, for the
safekeeping and forthcoming, when required, of these
deposits.

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

Approved May 2, 1978.

CHAPTER 243

{Senate Bill 499)

AN ACT concerning

Credit Unions — Reserve Funds and Powers

FOR the purpose of establishing a reserve fund by credit
unions in order to have a regular reserve against
losses on loans and other losses as specified by the
Bank Commissioner; establishing the sura to be set aside
by credit unions according to a certain schedule;
determining the means by which the reserve fund should
be replenished should it fall below certain standards;
establishing which assets may not be considered risk
assets; establishing in State chartered credit unions