HARRY HUGHES, Governor

769

(1)  EACH BOX OR VAULT IN WHICH SECURITIES ARE KEPT
UNDER THIS SECTION SHALL BE BUILT SO THAT 2 DIFFERENT KEYS ARE
NEEDED TO GAIN ACCESS TO THE SECURITIES.

(2)  THE COMPTROLLER AND THE TREASURER EACH SHALL HAVE
1 OF THESE KEYS.

(D) ACCESS.

THE SAFE DEPOSIT COMPANY MAY PERMIT ACCESS TO A BOX OR VAULT
IN WHICH SECURITIES ARE KEPT UNDER THIS SECTION ONLY:

(1)  WHEN THE GOVERNOR, THE COMPTROLLER, THE CHIEF
DEPUTY COMPTROLLER, OR A DEPUTY COMPTROLLER ACCOMPANIES THE
TREASURER; OR

(2)  IF ACCESS IS NEEDED AND THE TREASURER CANNOT BE
PRESENT:

(I)  WHEN THE GOVERNOR, THE COMPTROLLER, THE
CHIEF DEPUTY COMPTROLLER, OR A DEPUTY COMPTROLLER ACCOMPANIES THE
CHIEF DEPUTY TREASURER; OR

(II)  WHEN THE GOVERNOR, THE COMPTROLLER, OR THE
CHIEF DEPUTY COMPTROLLER ACCOMPANIES A DEPUTY TREASURER.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 95, § 19.

In subsection (a)(1) and (2) of this section, the
former, specific references to "bonds" and
"certificates of stock" are deleted as unnecessary in
light of the broad word "securities".

In subsection (a)(1) of this section, the former,
specific reference to securities "purchased ... for
the use of the sinking fund" is deleted as unnecessary
in light of the broad reference to securities "that
the State owns".

In subsection (a)(2) of this section, the word "holds"
is substituted for the former words "transferred and
assigned to or deposited with", for brevity.

Also in subsection (a)(2) of this section, the phrase
"of this or any other state", which formerly modified
the word "corporation", is deleted. The Commission to
Revise the Annotated Code notes, for the consideration
of the General Assembly, that the deletion broadens
the scope of this section so that now it encompasses
securities that the Treasurer holds for an entity
incorporated outside the United States. The effect of
this deletion on entities within the United States is
less clear, since it is unclear whether the use of the