§ 10-318
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/md/labor-and-employment/10-318·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10–318.
(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.