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Maryland Code, Labor and Employment § 10-318

Current as of January 01, 2025 | Updated by Findlaw Staff

(a)(1) The State Treasurer shall invest surplus money of the Fund in any security in which a savings bank may invest under State law.

(2) If the State Treasurer invests in a certificate of deposit, it shall:

(i) be interest bearing;

(ii) be issued by:

1. a bank located and authorized to do business in the State;

2. a national banking association located in the State; or

3. a trust company located and authorized to do business in the State; and

(iii) be secured in full by a pledge of a direct obligation of the State or United States.

(b) If sale of a security in which money of the Fund is invested is in the best interest of the Fund, the State Treasurer may sell the security.

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Cite this article: FindLaw.com - Maryland Code, Labor and Employment § 10-318 - last updated January 01, 2025 | https://codes.findlaw.com/md/labor-and-employment/md-code-labor-and-emply-sect-10-318/

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