WILLIAM DONALD SCHAEFER, Governor                   Ch. 519

CHAPTER 519

(House Bill 1426)

AN ACT concerning

Overseas Depositaries for State Moneys

FOR the purpose of authorizing the State Treasurer to designate
foreign banks and similar institutions as depositaries for
funds used to conduct activities outside the United States;
and providing that deposits in certain institutions may not
exceed a certain amount; and requiring that the Governor
approve certain depository designations.

BY repealing and reenacting, with amendments,

Article - State Finance and Procurement

Section 6-205 and 6-206

Annotated Code of Maryland

(1985 Replacement Volume and 1987 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - State Finance and Procurement

6-205.

(A)  Subject to the limitations in this subtitle and in any
other law, the Treasurer may designate any financial institution
as a depositary for State money.

(B)  THE TREASURER MAY DESIGNATE A FOREIGN INSTITUTION AS A
DEPOSITARY FOREIGN BANKS AND SIMILAR INSTITUTIONS AS DEPOSITARIES
FOR THE PURPOSE OF CONDUCTING STATE GOVERNMENT ACTIVITIES OUTSIDE
THE UNITED STATES. THE DEPOSITS IN SUCH INSTITUTIONS MAY NOT
EXCEED THE AMOUNT APPROPRIATED IN THE BUDGET FOR CONDUCTING STATE
GOVERNMENT ACTIVITIES OUTSIDE THE UNITED STATES.

6-206.

The Treasurer may not designate a financial institution OR A
FOREIGN INSTITUTION as a depositary unless the Governor approves
the designation.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1988.

Approved May 17, 1988.

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