Ch. 26                                     2004 LAWS OF MARYLAND

(II)     HAS A BRANCH OR OFFICE IN THE STATE THAT ACCEPTS
DEPOSITS; AND

(III)   HAS A TOTAL PAID-IN CAPITAL PLUS SURPLUS OF AT LEAST
$6,000,000.

(3) A FEDERAL OR STATE CHARTERED TRUST COMPANY MAY BE
DESIGNATED AS A DEPOSITORY TO RECEIVE SECURITIES THAT THE CORPORATION
HAS OR OWNS.

(B)     INVESTMENTS.

MONEY THAT THE STATE APPROPRIATES TO THE CORPORATION, AND MONEY
THAT THE CORPORATION IS REQUIRED BY THE GENERAL ASSEMBLY TO RAISE FOR
MUSEUM CONSTRUCTION FROM SOURCES OTHER THAN THE STATE, SHALL BE
INVESTED IN BONDS OR OTHER OBLIGATIONS:

(1)      OF THE UNITED STATES, THE STATE, A POLITICAL SUBDIVISION OF
THE STATE, OR A UNIT OF THE STATE; OR

(2)      THAT ARE GUARANTEED AS TO PRINCIPAL AND INTEREST BY THE
UNITED STATES, THE STATE, A POLITICAL SUBDIVISION OF THE STATE, OR A UNIT OF
THE STATE.

(C)     PROVISIONS FOR ACCOUNTING AND CONTROLS.

(1)      THE CORPORATION SHALL ADOPT A SYSTEM OF FINANCIAL
ACCOUNTING, CONTROLS, AUDITS, AND REPORTS.

(2)      THE FISCAL YEAR OF THE CORPORATION IS JULY 1 TO JUNE 30.

(D)     AUDIT — IN GENERAL.

(1)      THE CORPORATION SHALL SELECT AN INDEPENDENT CERTIFIED
PUBLIC ACCOUNTANT TO CONDUCT AN AUDIT UNDER THIS SUBSECTION.

(2)      THE ACCOUNTANT:

(I)      SHALL BE LICENSED TO PRACTICE IN THE STATE;

(II)     SHALL BE EXPERIENCED AND QUALIFIED IN THE ACCOUNTING
AND AUDITING OF PUBLIC BODIES; AND

(III)   MAY NOT HAVE A PERSONAL INTEREST EITHER DIRECTLY OR
INDIRECTLY IN THE FISCAL AFFAIRS OF THE CORPORATION.

(3)      AS SOON AS PRACTICABLE AFTER THE END OF THE FISCAL YEAR,
THE ACCOUNTANT SHALL AUDIT THE FINANCIAL BOOKS, RECORDS, AND ACCOUNTS
OF THE CORPORATION.

(4)      THE ACCOUNTANT SHALL REPORT:

(I) THE RESULTS OF ITS AUDIT, INCLUDING AN UNQUALIFIED
OPINION ON THE FINANCIAL POSITION OF THE CORPORATION'S FUNDS; AND

- 212 -