Section 10-318 - Surplus.
§ 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.
[An. Code 1957, art. 101, § 92; 1991, ch. 8, § 2.]