1. (a) 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. (1) the deposit is interest bearing; and

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

      1. (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
      2. (ii) a custodian holds the collateral.
2. (b) The Treasurer may sell, redeem, or exchange an investment or reinvestment made under this section.

Added by Acts 1985, c. 11, § 2, eff. Oct. 1, 1985.

Formerly Art. 95, § 22F.