Maryland § 21-124
Full text of Maryland Maryland Code § 21-124, with citation guidance and answers to common questions.
§ 21-124.
(a) (1) The State Treasurer is the custodian of:
(i) the accumulation, annuity savings, and expense funds of the several systems; and
(ii) the assets of the Board of Trustees.
(2) The State Retirement Agency shall make all payments from the accumulation, annuity savings, and expense funds of the several systems in accordance with regulations that the Board of Trustees adopts with the approval of the State Treasurer.
(b) (1) The State Treasurer may make arrangements with one or more duly qualified banks or trust companies in this State, organized under the laws of this State or of the United States, for:
(i) banking services; and
(ii) any other function that the State Treasurer considers necessary to safeguard physically the assets that the Board of Trustees manages.
(2) The State Treasurer:
(i) may deposit any of the securities that the Board of Trustees purchases in vaults or in other safe depositories outside the office of the State Treasurer, whether or not in this State; and
(ii) shall deliver to the Board of Trustees a safekeeping receipt that:
1. describes the securities that the State Treasurer deposits; and
2. is payable on demand and without conditions to the Board of Trustees, to any designated fund of the several systems that the Board of Trustees controls, or to the State Treasurer.
(3) The Board of Trustees shall keep on file any safekeeping receipt that the State Treasurer delivers.
(c) (1) Subject to paragraph (2) of this subsection, to make disbursements, the State Treasurer may keep cash on deposit in one or more duly qualified banks or trust companies in this State that are organized under the laws of this State or of the United States.
(2) The State Treasurer may not:
(i) keep more than 10% of the total amount in the funds of the several systems on deposit as cash; or
(ii) keep cash that exceeds 25% of the paid–up capital and surplus of the bank or trust company in that bank or trust company.
Frequently Asked Questions About Maryland § 21-124
What does Maryland Code § 21-124 cover?
Section 21-124 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 21-124?
A common citation format is "Maryland Code § 21-124" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 21-124 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.