# Economic Development (GEC)

## Title 12. Local Development Authorities and Resources

### Subtitle 12

#### Section 12-1212

(a) The Authority may create and administer the accounts that the Authority requires.

(b) The Authority shall deposit its money into a Prince George's County or national bank or a federally insured savings and loan association that has a total paid-in capital of at least $1,000,000.

(c) The Authority may designate the trust department of a Prince George's County or national bank or savings and loan association as a depository to receive securities that the Authority owns or acquires.

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Md. Code Ann., Econ. Dev. (as displayed at mgaleg.maryland.gov, October 16, 2026)