§ 6-223. Deposits

Latest version.

   (a) Investment and reinvestment. -- Except as otherwise prohibited by law, the Treasurer may invest or reinvest, in a deposit with a financial institution in the State, unexpended or surplus money over which the Treasurer has custody if:

   (1) the deposit is interest bearing; and

   (2) as provided for a depositary for State money:

      (i) the financial institution provides collateral that has a market value that equals or exceeds the amount by which a deposit exceeds the deposit insurance; and

      (ii) a custodian holds the collateral.

(b) Sale, redemption, and exchange. -- The Treasurer may sell, redeem, or exchange an investment or reinvestment made under this section.

HISTORY: An. Code 1957, art. 95, § 22F; 1985, ch. 11, § 2.

                    
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