1014

LAWS OF MARYLAND

Ch. 11

Defined terms: "Board" § 8-101

"Enabling act" § 8-101 "State bond" § 8-101

8-121. SAME -- FORM OF STATE BONDS.

(A)  GENERAL AUTHORITY.

BY RESOLUTION, THE BOARD MAY SPECIFY THE FORM IN WHICH STATE
BONDS ARE TO BE ISSUED, INCLUDING:

(1)  A COUPON FORM;

(2)  A FORM THAT QUALIFIES AS A REGISTERED FORM UNDER
§ 103 OF THE INTERNAL REVENUE CODE OF 1954 OR A REGULATION
ADOPTED UNDER THAT SECTION; AND

(3)  ANY OTHER REGISTERED FORM.

(B)  REGISTERED FORM -- ANCILLARY POWERS OF BOARD.

(1)  WHENEVER THE BOARD PROVIDES FOR THE SALE OF STATE
BONDS IN REGISTERED FORM, THE BOARD MAY ESTABLISH PROCEDURES FOR
THE REGISTRATION AND TRANSFER OF THE STATE BONDS.

(2)  THE BOARD MAY EXERCISE ANY OTHER POWER THAT
RELATES TO ISSUANCE OF STATE BONDS IN REGISTERED FORM AND THAT IS
NOT CONFERRED ON THE TREASURER.

(C)  SAME — POWERS OF TREASURER.

WHENEVER THE BOARD PROVIDES FOR THE SALE OF STATE BONDS IN
REGISTERED FORM, THE TREASURER MAY:

(1)  APPOINT ANY AGENT, INCLUDING AN AUTHENTICATING
TRUSTEE, CORPORATE TRUSTEE, PAYING AGENT, REGISTRAR, OR TRANSFER
AGENT, OR USE THE AGENT APPOINTED UNDER § 8-135 OF THIS SUBTITLE;

(2)  SPECIFY THE RIGHTS, DUTIES, AND COMPENSATION OF
THE AGENT; AND

(3)  IN CONNECTION WITH THE ESTABLISHMENT AND
MAINTENANCE OF A CENTRAL DEPOSITORY SYSTEM FOR THE TRANSFER OR
PLEDGE OF THE STATE BONDS, MAKE AGREEMENTS WITH:

(I)  CUSTODIAN BANKS AND THEIR NOMINEES; OR

(II)  FINANCIAL INTERMEDIARIES AND THEIR
NOMINEES.

REVISOR'S NOTE: Subsections (a), (b)(1), and (c) of this
section are new language derived without substantive
change from former Art. 95, § 15 and, as it related to
the form of State bonds, former Art. 31, § 21(b)(4).