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§ 5-102. Surety bond--Generally

West's Annotated Code of MarylandState GovernmentEffective: December 14, 2022

West's Annotated Code of Maryland
State Government (Refs & Annos)
Title 5. Treasurer (Refs & Annos)
Effective: December 14, 2022
MD Code, State Government, § 5-102
§ 5-102. Surety bond--Generally
Currentness
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 Supreme Court of Maryland.

Credits

Added by Acts 1984, c. 284, § 1, eff. Oct. 1, 1984. Amended by Acts 1991, c. 8, § 3, eff. Oct. 1, 1991; Acts 2023, c. 49, § 6.
Formerly Art. 95, § 2.
MD Code, State Government, § 5-102, MD STATE GOVT § 5-102
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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