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§ 9-1706. Purchase of bonds; premium; cancellation or termination

West's Annotated Code of MarylandState Government

West's Annotated Code of Maryland
State Government (Refs & Annos)
Title 9. Miscellaneous Executive Agencies (Refs & Annos)
Subtitle 17. Maryland State Employees Surety Bond Committee (Refs & Annos)
MD Code, State Government, § 9-1706
§ 9-1706. Purchase of bonds; premium; cancellation or termination
Purchase of bonds
(a) Bonds purchased in accordance with §§ 9-1704 and 9-1705 of this subtitle shall be purchased by the State Treasurer on prior approval of the Board of Public Works from a company authorized to issue the bonds and authorized to do business in the State.
Premium on bonds
(b) The premium on bonds purchased in accordance with §§ 9-1704 and 9-1705 of this subtitle shall be provided for in the State budget.
Cancellation or termination
(c) On prior approval of the Board of Public Works, the State Treasurer may at any time any bond coverage is no longer required, cause the bond to be canceled or terminated and may collect any rebate of premium on the bond.

Credits

Added by Acts 1997, c. 31, § 1, eff. Oct. 1, 1997.
Formerly Art. 78A, § 49.
MD Code, State Government, § 9-1706, MD STATE GOVT § 9-1706
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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