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§ 5-102. Surety bond--Generally

West's Annotated Code of MarylandState Government

West's Annotated Code of Maryland
State Government (Refs & Annos)
Title 5. Treasurer (Refs & Annos)
MD Code, State Government, § 5-102
§ 5-102. Surety bond--Generally
Required
(a) While in office, the Treasurer shall be covered by a surety bond as required in this section.
Form and conditions
(b) The surety bond under this section shall:
(1) run to the State;
(2) be in the amount that the Governor approves;
(3) be with a surety company that is authorized to do business in the State; and
(4) include provisions that secure the money of:
(i) the Injured Workers' Insurance Fund;
(ii) the Subsequent Injury Fund; and
(iii) the Unemployment Insurance Administration Fund.
Renewal
(c)(1) If the Governor believes that the surety bond under this section has or is likely to become invalid or insufficient, the Governor shall demand that the Treasurer obtain coverage under a new surety bond that meets the requirements of this section.
(2) Neglect or refusal to obtain the coverage within 20 days after the demand constitutes disqualification from office, as authorized in the Maryland Constitution.
Filing
(d) After execution and approval of a surety bond under this section, the surety bond shall be recorded in the office of the Clerk of the Court of Appeals.

Credits

Added by Acts 1984, c. 284, § 1, eff. Oct. 1, 1984. Amended by Acts 1991, c. 8, § 3, eff. Oct. 1, 1991.
Formerly Art. 95, § 2.
MD Code, State Government, § 5-102, MD STATE GOVT § 5-102
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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