WILLIAM DONALD SCHAEFER, Governor                            Ch. 545

Article - State Personnel and Pensions

21-123.

(G) ANY DIRECT OWNED REAL ESTATE PURCHASED AS AN INVESTMENT BY
THE STATE RETIREMENT AND PENSION SYSTEM SHALL BE MANAGED BY AN
EXTERNAL INVESTMENT MANAGER SELECTED BY THE BOARD OF TRUSTEES.

SECTION 2. AND BE IT FURTHER ENACTED, That Section(s)
11-203(a)(1)(vii) through (xv), respectively, of Article - State Finance and Procurement
of the Annotated Code of Maryland be renumbered to be Section(s) 11-203(a)(1)(vi)
through (xiv), respectively.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1994, and shall apply retroactively to any procurement by the Board of
Trustees on or after January 1, 1994.

Approved May 26, 1994.

CHAPTER 545
(House Bill 281)

AN ACT concerning

Abandoned Property - Property Held by Banking or Financial Organization or Business

Association

FOR the purpose of providing additional circumstances under which certain funds held
by a banking or financial institution will not be considered abandoned property.

BY repealing and reenacting, with amendments,
Article - Commercial Law
Section 17-301(a)(2)
Annotated Code of Maryland
(1990 Replacement Volume and 1993 Supplement)

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

Article - Commercial Law

17-301.

(a) The following property held by a banking or financial organization, or business
association is presumed abandoned, if the depositor has been issued a notice by first class
mail to the depositor's last known address of the fact that the property will be considered
abandoned and there is no response within 30 days to the notification:

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