Each officer and unit of the State government shall send to the Treasurer, for inventory and safekeeping, each certificate of stock or other security certificate that the officer or unit holds.

The Treasurer shall deposit in a box or vault as provided in subsection (b) of this section: all of the physical securities that the State owns; and all of the physical securities that, by State law, the Treasurer holds, in trust or otherwise, for a corporation or individual. With the approval of the Board of Public Works, the Treasurer shall procure a box or vault. The box or vault shall be located in the offices of the Treasurer. Each box or vault in which securities are kept shall be built so that 2 different keys are needed to gain access to the securities. The Comptroller and the Treasurer each shall have 1 of these keys. Access to a box or vault in which physical securities are kept under this section shall be permitted only: when the Governor, the Comptroller, the Chief Deputy Comptroller, or a Deputy Comptroller accompanies the Treasurer; or if access is needed and the Treasurer cannot be present: when the Governor, the Comptroller, the Chief Deputy Comptroller, or a Deputy Comptroller accompanies the Chief Deputy Treasurer; or when the Governor, the Comptroller, or the Chief Deputy Comptroller accompanies a Deputy Treasurer. The Treasurer shall determine which physical securities are deposited or held in each box or vault.

The Treasurer shall maintain all securities other than physical securities with: any institution incorporated under the laws of the State as a State bank, trust company, or savings bank; any national banking association that has its principal office in the State; or any trust company, as defined in § 1-101 of the Estates and Trusts Article.

Subject to the limitations in this section and notwithstanding any other provision of law, the Treasurer may lend to a bank or securities broker any security that is owned by the State and is in the custody of the Treasurer. The Treasurer and the bank or broker to whom a loan is to be made under this section shall make a written contract that governs the loan. The contract shall set forth: the term of the loan; the consideration for the loan; any provisions that the Treasurer determines are needed to protect the interests of the State; and any other conditions of the loan. Consideration for a loan under this section may not be less than the current market lending rate for the securities on loan. The bank or broker to whom a loan is to be made under this section shall deposit with the Treasurer collateral with a value that equals or exceeds the value of the securities on loan. Collateral that may be used under this section shall be: money; or a security in which the Treasurer may invest under § 6-222 or § 6-223 of this article. The Treasurer may enter into a contractual agreement with a financial institution to lend, as agent, securities owned by the State and in the custody of the Treasurer. The financial institution shall provide security or indemnification acceptable to the Treasurer.

Whenever a certificate of stock that the State owns and holds has been lost or misplaced, the Treasurer, at the direction of the Board of Public Works, may obtain a duplicate certificate. The State shall indemnify the corporation that issues the duplicate certificate.