§10–318.

    (a)    (1)    The State Treasurer shall invest surplus money of the Fund in any security in which a savings bank may invest under State law.

        (2)    If the State Treasurer invests in a certificate of deposit, it shall:

            (i)    be interest bearing;

            (ii)    be issued by:

                1.    a bank located and authorized to do business in the State;

                2.    a national banking association located in the State; or

                3.    a trust company located and authorized to do business in the State; and

            (iii)    be secured in full by a pledge of a direct obligation of the State or United States.

    (b)    If sale of a security in which money of the Fund is invested is in the best interest of the Fund, the State Treasurer may sell the security.