Md. Code Ann., Educ. § 18-1908
Redline — January 1, 2019 → current.View current text →
Current — January 1, 2025
As of January 1, 2019
(a) The Board shall purchase a bond for each fiduciary in accordance with Title 9, Subtitle 17 of the State Government Article.
(a) Each fiduciary shall be covered by a surety bond or an insurance policy of the type and in the amount of coverage determined by the State Treasurer under § 5–108 of the State Government Article, as a fiduciary of the Trust.
(b) Unless a fiduciary is bonded, the fiduciary may not exercise custody or control of any assets of the Trust.
(b) Unless a fiduciary is bonded, the fiduciary may not exercise custody or control of any assets of the Trust.
(c) A fiduciary may not allow another fiduciary to act in violation of this section.
(c) A fiduciary may not allow another fiduciary to act in violation of this section.
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.