910                                              LAWS OF MARYLAND                                     Ch. 11

substitution reflects that deposit insurance differs
from collateral, since, e.g., insurance would not be
held by a custodian.

In subsection (a) of this section, the former phrase
"for the safekeeping ... of these deposits" is deleted
as unnecessary in light of the use of the word
"collateral¹¹.

In subsection (b)(2) of this section, the reference to
"the requirements of this subsection" -- i.e.,
subsection (b)(l)(i), (ii), and (iii) of this section
-- is substituted for the former, limited reference to
the requirements of subsection (b)(l)(i) of this
section, since a depositary also must provide
collateral that is acceptable to the Treasurer and,
for certain student loans, to the Governor.

In subsection (c)(2)(i) through (iii) of this section,
the former, specific reference to a "federal reserve
bank" is deleted as unnecessary since subsection
(c)(2)(i) through (iii) lists the banks eligible to be
member banks.

In subsection (c)(2)(i) and (ii) of this section, the
words "approved by" are substituted for the former
reference "unless disapproved", to conform to
subsection (c)(3) of this section, which suggests that
affirmative action is required. These substitutions
are consistent with the fourth sentence of former Art.
95, § 21A(c)(l), under which out-of-State entities
must be specifically approved.

In subsection (c)(2)(ii) of this section, the former
language "outside the State ... if a national bank" is
deleted since national banking associations in the
State also are subject to the approval of the
Comptroller of the Currency.

In subsection (c)(2)(iii) of this section, the term
"banking authority" is substituted for the former
reference to the "appropriate State Bank
Commissioner", to avoid confusion with the banking
authority of this State. See revisor's note to §
6-201(e) of this subtitle.

Defined terms: "Banking institution" § 6-201
"Collateral" § 6-201 "Deposit insurance" § 6-201
"Financial institution" § 6-201
"National banking association" § 6-201
"State" § 1-101

6-210. REPORTS.

(A) DEPOSITARIES.