HARRY HUGHES, Governor

255

6-116.

A State bank has the power to:

(7) Deposit securities to secure:

(i) Deposits of the federal government
and its agencies, the State, its units, including the State
Treasurer and State Comptroller, and its political
subdivisions AND ANY OTHER STATE AND ITS POLITICAL
SUBDIVISIONS; or

6-137.

A trust company has the power to:

(14) Deposit securities to secure:

(i) Deposits of the federal government
and its agencies, the State, its units, including the State
Treasurer and State Comptroller, and its political
subdivisions AND ANY OTHER STATE AND ITS POLITICAL
SUBDIVISIONS; or

Article 11 - Banks and Trust Companies

41.

(f) Any mutual savings bank may:

(1)  Act as depositary of funds of:

(i) The United States and its agencies;
[and]

(ii) The State of Maryland and its
political subdivisions; AND

(III) ANY OTHER STATE AND ITS POLITICAL
SUBDIVISIONS; AND

(2)  Pledge collateral to secure the deposits
under this subsection; and

(3)  Accept deposits under this subsection on the
terms required by the depositor.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1979.

Approved April 10, 1979.