ROBERT L. EHRLICH, JR.; Governor

Ch. 432

CHAPTER 432
(House Bill 489)

AN ACT concerning

State Treasurer - Deposit of Physical Securities

FOR the purpose of altering the location where the State Treasurer is required to
deposit certain physical securities from a box or vault in certain financial
institutions to a box or vault in the offices of the Treasurer; and generally
relating to the deposit of physical securities by the Treasurer.

BY repealing and reenacting, with amendments,
Article - State Finance and Procurement
Section 2-602

Annotated Code of Maryland
(2001 Replacement Volume and 2002 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

2-602.

(a)     The Treasurer shall deposit [with a financial institution, as defined in §
6-201 of this article,] in a box or vault as provided in subsection (b) of this section:

(1)     all of the physical securities that the State owns; and

(2)     all of the physical securities that, by State law, the Treasurer holds,
in trust or otherwise, for a corporation or individual.

(b)     (1) With the approval of the Board of Public Works, the Treasurer shall
procure a box or vault [in a financial institution].

(2)     The box or vault shall be located in [Baltimore City or the City of
Annapolis] THE OFFICES OF THE TREASURER.

(3)     Each box or vault in which securities are kept shall be built so that 2
different keys are needed to gain access to the securities.

(4)     The Comptroller and the Treasurer each shall have 1 of these keys.

(5)     [The financial institution may permit access] ACCESS to a box or
vault in which physical securities are kept under this section SHALL BE permitted
only:                                                                                                                 

(i) when the Governor, the Comptroller, the Chief Deputy
Comptroller, or a Deputy Comptroller accompanies the Treasurer; or

(ii) if access is needed and the Treasurer cannot be present:
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