(a) Appointment of custodian. Until the Board appoints a custodian of the assets of the System, the Controller appoints the custodian of the assets of the System.
(b) Permitted custodians. The Board may make arrangements with one or more duly qualified banks, trust companies, insurance companies, or investment companies authorized to do business in any state for safe custody of investments; banking services; and any other function that the Board considers necessary to safeguard physically the assets of the System.
(1985 Code, Art. 7, § 2-207) (Bill No. 88-96; Bill No. 17-00; Bill No. 90-01)