§ 10-318. Surplus

   (a) Investment. --

   (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) Conversion. -- 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.

HISTORY: An. Code 1957, art. 101, § 92; 1991, ch. 8, § 2.