Ch. 589                                        1994 LAWS OF MARYLAND

(1992 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 - Financial Institutions

1-206.

(A)     IN THIS SECTION, "FIDUCIARY DEPOSIT SURETY BOND" MEANS A SURETY
BOND THAT:

(1)      GUARANTEES THE PAYMENT OF DEPOSITED FUNDS AWAITING
DISTRIBUTION OR INVESTMENT HELD BY A FINANCIAL INSTITUTION IN A
FIDUCIARY CAPACITY; AND

(2)      SUBJECT TO THE TERMS AND CONDITIONS OF THE BOND, IS
IRREVOCABLE AND ABSOLUTE.

(B)     EXCEPT AS PROVIDED IN §§ 6-202 AND 6-209 OF THE STATE FINANCE AND
PROCUREMENT ARTICLE, IF APPLICABLE LAW REQUIRES A DEPOSIT MADE BY A
FINANCIAL INSTITUTION TO BE COLLATERALIZED, THE FINANCIAL INSTITUTION
MAY TAKE AS COLLATERAL FOR THE DEPOSIT, IN ADDITION TO ANY OTHER
PERMISSIBLE COLLATERAL, A FIDUCIARY DEPOSIT SURETY BOND ISSUED BY AN
INSURANCE COMPANY AUTHORIZED TO DO BUSINESS IN THIS STATE, THE
CLAIMS-PAYING ABILITY OF WHICH IS RATED IN THE HIGHEST CATEGORY BY AT
LEAST TWO NATIONALLY RECOGNIZED STATISTICAL RATING AGENCIES.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1994.

Approved May 26, 1994.

CHAPTER 589
(House Bill 733)

AN ACT concerning

Potomac River Fisheries Commission - Membership and Terms

FOR the purpose of altering the membership and appointment of the Potomac River

Fisheries Commission; altering certain quorum requirements of the Commission;

...correcting certain obsolete provisions; repealing a certain Act; making this Act

subject to an Act by the Commonwealth of Virginia; and generally relating to the

Potomac River Fisheries Commission.

BY repealing

Chapter 939 of the Acts of the General Assembly of 1977

BY repealing and reenacting, with amendments,

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