HARRY HUGHES, Governor                              3339

SECTION 2 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

Approved June 1, 1982.

CHAPTER 545

(Senate Bill 732)

AN ACT concerning

State-Owned Securities - Loans

FOR the purpose of providing that the Treasurer of this
State may lend to a bank or securities broker
securities that are owned by this State; providing
conditions and procedures under which this type of loan
may be made; and generally relating to the lending of
state-owned securities.

BY adding to

Article 95 - Treasurer

Section 22G

Annotated Code of Maryland

(1979 Replacement Volume and 1981 Supplement)

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

Article 95 - Treasurer

22G.

(A)  NOTWITHSTANDING ANY PROVISION OF THE LAW TO THE
CONTRARY OR ANY LIMITATION OR RESTRICTION CONTAINED IN ANY
OTHER LAW, THE TREASURER OF THIS STATE MAY IN ACCORDANCE
WITH THIS SECTION LEND TO ANY BANK OR SECURITIES BROKER ANY
SECURITY THAT IS OWNED BY THE STATE AND THAT IS IN HIS
CUSTODY.

(B) (1) THE BANK OR SECURITIES BROKER TO WHOM THE LOAN
IS MADE SHALL PLACE WITH THE TREASURER CASH OR SECURITIES,
ACCEPTABLE AS INVESTMENTS UNDER § 22 OF THIS ARTICLE, IN AN
AMOUNT AT LEAST EQUAL TO THE VALUE OF THE SECURITIES LENT.

(2) THE PERSON TO WHOM THE LOAN IS TO .BE MADE
AND THE TREASURER SHALL ENTER INTO A WRITTEN CONTRACT