1756

LAWS OF MARYLAND

Ch. 537

exceed ten million dollars ($10,000,000.00);

(3)    The Treasurer shall not invest or reinvest
in the obligations held by a particular bank except to the
extent that the bank's volume of loans guaranteed by the
Maryland Higher Education Loan Corporation exceeds one
percent (1%) of the bank's total deposits;

(4)    The investment or reinvestment of State
moneys in any one of the obligations shall not exceed eighty
percent (80%) of the principal amount of the particular
obligation; and

(5)    The tank holding one of the obligations in
which State moneys are invested, shall be the collecting
agent for the State with regard to the State's portion of
the obligation.

(b)    In addition to the security in the form of
collateral provided for in § 21 of this article and in
Article 90, § 9, the Treasurer, with the approval of the
Governor may accept from banks, as security for deposits of
State moneys, obligations guaranteed by the Maryland Higher
Education Loan Corporation [pursuant to Article 43A of this
Code] UNDER TITLE 18, SUBTITLE 10 OF THE EDUCATION ARTICLE.

(c)    Before selecting or continuing a bank as a
depository for State funds pursuant to § 21 of this article,
the Treasurer shall take into consideration, among other
appropriate factors, the extent of the bank's participation
in the Maryland Higher Education Loan Program under [Article
43A of this Code] TITLE 18, SUBTITLE 10 OF THE EDUCATION
ARTICLE.

Article 100 — Work, Labor and Employment

10.

(b) Subsection (a) does not apply to a minor who has
been issued a work permit for one of the following reasons:

(1)    The minor has been found to be incapable of
profiting from further education pursuant to [Article 77, §
92] §7-301 OF THE EDUCATION ARTICLE;

(2)    The minor is enrolled in a work—study,
student-learner, or similar program where the employment is
an integral part of the course of study, and the employment
is procured and supervised through the efforts of the school
systems in the various subdivisions;

(3)    The minor is employed in purely office work
or duties performed outside of rooms where goods are
manufactured or processed; or

(4)    After investigation, the minor is issued an
exception by the Commissioner if it has been determined that
the work performed and the area in which it is performed is