Section 21-210 - Bond.
§ 21-210. Bond.
(a) Purchase by State.- The State shall purchase a bond for each fiduciary in accordance with Title 9, Subtitle 17 of the State Government Article.
(b) Violation of bond requirement prohibited.-
(1) Unless a fiduciary is bonded as required by subsection (a) of this section, the fiduciary may not exercise custody or control of any assets of a State system.
(2) A fiduciary may not allow another fiduciary to act in violation of paragraph (1) of this subsection.
(c) Other laws requiring bond not applicable.- The bond required by subsection (a) of this section is the only bond required for a fiduciary to exercise custody or control of any assets of a State system.
[An. Code 1957, art. 73B, § 1-210; 1994, ch. 6, § 2; 1998, ch. 21, § 1.]