Ch. 6

1994 LAWS OF MARYLAND

(I)       MAY DEPOSIT ANY OF THE SECURITIES THAT THE BOARD OF
TRUSTEES PURCHASES IN VAULTS OR IN OTHER SAFE DEPOSITORIES OUTSIDE THE
OFFICE OF THE STATE TREASURER, WHETHER OR NOT IN THIS STATE; AND

(II)     SHALL DELIVER TO THE BOARD OF TRUSTEES A SAFEKEEPING
RECEIPT THAT:

1.        DESCRIBES. THE SECURITIES THAT THE STATE
TREASURER DEPOSITS; AND

2.        IS PAYABLE ON DEMAND AND WITHOUT CONDITIONS TO
THE BOARD OF TRUSTEES, TO ANY DESIGNATED FUND OF THE SEVERAL SYSTEMS
THAT THE BOARD OF TRUSTEES CONTROLS, OR TO TOE STATE TREASURER.

(3) THE BOARD OF TRUSTEES SHALL KEEP ON FILE ANY SAFEKEEPING
RECEIPT THAT THE STATE TREASURER DELIVERS.

(C) CASH RESERVE.

(1)      SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, TO MAKE
DISBURSEMENTS, THE STATE TREASURER MAY KEEP CASH ON DEPOSIT IN ONE OR
MORE DULY QUALIFIED BANKS OR TRUST COMPANIES IN THIS STATE THAT ARE
ORGANIZED UNDER THE LAWS OF THIS STATE OR OF THE UNITED STATES.

(2)      THE STATE TREASURER MAY NOT:

(I)       KEEP MORE THAN 10% OF THE TOTAL AMOUNT IN THE FUNDS
OF THE SEVERAL SYSTEMS ON DEPOSIT AS CASH; OR                   

(II)     KEEP CASH THAT EXCEEDS 25% OF THE PAID-UP CAPITAL AND
SURPLUS OF THE BANK OR TRUST COMPANY IN THAT BANK OR TRUST COMPANY.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73B, § 1-104(k).

In subsection (a)(1)(ii) of this section, the reference to "assets" is substituted
for the former reference to "securities, investments, deposits, and funds". See
Revisor's Note to § 20-101 of this article.

In subsection (a)(2) of this section, the reference to the "State Retirement
Agency" is added to clarify who must make payments from the funds of the
several systems. This addition conforms to the practice of the State
Retirement Agency.

In subsection (b)(1)(iii) and the introductory language of subsection (b)(2),
and throughout subsection (c) of this section, the references to the "State
Treasurer" are added to clarify who must perform the duties that these
subsections prescribe. These additions conform to the practice of the State
Treasurer.

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