§ 11-314

Maryland § 11-314

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 11

Text

(a) The authority may establish any accounts that it requires.

(b) The authority shall deposit its money into a State or national bank or a federally insured savings and loan association in the State that has a total paid-in capital of at least $1,000,000.

(c) The authority may designate the trust department of a State or national bank or of a savings and loan association as a depository to receive securities that the authority owns or acquires.

(d) Unless an agreement limits classes of investments, the authority may invest its money in bonds or other obligations of, or guaranteed as to principal and interest by, the United States, a unit of the United States, the State, or a political subdivision of the State.