Ch. 277                                     1993 LAWS OF MARYLAND

(B) (1) WHENEVER THE PROCUREMENT OFFICER DETERMINES THAT
THERE IS ONLY ONE AVAILABLE SOURCE FOR THE SUBJECT OF A PROCUREMENT
CONTRACT, THE PROCUREMENT OFFICER MAY AWARD THE PROCUREMENT
CONTRACT WITHOUT COMPETITION TO THAT SOURCE.

(2) BEFORE AWARDING A PROCUREMENT CONTRACT TO A SOLE
SOURCE, THE PROCUREMENT OFFICER SHALL OBTAIN:

(I)      THE APPROVAL OF THE BOARD OF TRUSTEES; AND

(II)     ANY OTHER APPROVAL REQUIRED BY LAW.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1993.

Approved May 11, 1993.

CHAPTER 277

(Senate Bill 837)

AN ACT concerning

Financial Institutions - Loans to Employees

FOR the purpose of eliminating the requirement of prior approval by the board of
directors of certain financial institutions for the making of certain types of loans to
certain employees of the financial institution; defining certain terms; and generally
relating to loans permitted to be made to employees of certain financial institutions.

BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 5-512

Annotated Code of Maryland
(1992 Replacement Volume and 1992 Supplement)

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

Article - Financial Institutions

5-512.

(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

             (2) "COMMERCIAL LOAN" MEANS A LOAN THAT IS MADE:

(I) SOLELY TO ACQUIRE OR CARRY ON A BUSINESS OR
COMMERCIAL ENTERPRISE; OR

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