CHAPTER 4. Bank Deposits
Chapter 4 added by Stats. 1945, Ch. 120.
§§ 16500–16565 · 37 sections
ARTICLE 1. General §§ 16500–16510 · 12 sections
- § 16500 As used in this chapter, “eligible bank” means a state or national bank located in this state, selected by the Treasurer for the safekeeping of money belonging…
- § 16500.5 (a) The definitions in Section 1670 of, and Chapter 1 (commencing with Section 99) of Division 1 of, the Financial Code apply to this section. (b) In this…
- § 16501 Under the conditions as the Treasurer with the approval of the Director of Finance may establish, the Treasurer may deposit money in banks outside this state…
- § 16502 All other money in the State Treasury or under the control of the Treasurer belonging to or in the custody of the State, shall, so far as possible, be…
- § 16503 Subject to the limitations of Article 4.5 (commencing with Section 16480) of Chapter 3, the Treasurer shall determine what amounts of money shall be deposited:…
- § 16504 Subject to the applicable contract, the Treasurer may call in money from time deposits and place it in demand deposits, when necessary to meet current…
- § 16505 Deposits in any bank shall not exceed the total of its net worth.
- § 16506 All money belonging to or in the custody of the state under the control of any state officer or employee, other than the Treasurer, except petty cash funds…
- § 16507 A State officer is not liable on his official bond for losses caused by the failure of a bank in which is made a deposit of money belonging to an inmate of a…
- § 16508 The Treasurer is not responsible for any money deposited in a bank pursuant to this chapter, and while it remains so deposited.
- § 16509 The Treasurer is responsible for the safekeeping, management and disbursement of the certificates of deposit received and the securities deposited with him,…
- § 16510 Any State officer or employee who deposits any money belonging to or in the custody of the State in any manner other than as prescribed in this chapter is…
ARTICLE 2. Security for Deposits §§ 16520–16533 · 14 sections
- § 16520 Security shall not be required for that portion of any deposit that is insured under any law of the United States.
- § 16521 To be eligible to receive and retain demand or time deposits, a bank shall deposit with the Treasurer as security for such deposits, securities specified in…
- § 16522 The following securities may be received as security for demand and time deposits: (a) Bonds, notes, or other obligations of the United States, or those for…
- § 16523 If it appears to him necessary for the security of the State, the Treasurer shall require as a condition of eligibility that a bank furnish an indemnity bond…
- § 16525 In lieu of deposits of securities, any otherwise eligible bank may deposit with the Treasurer bonds of admitted surety insurers as security for demand and time…
- § 16526 An admitted surety insurer is not eligible as surety for demand or time deposits in any one bank in amounts in excess of 10 percent of the capital and surplus…
- § 16527 On demand of the Treasurer, the Insurance Commissioner shall issue a certificate showing the qualifications of any admitted surety insurer as surety for demand…
- § 16528 The bond of an admitted surety insurer shall not be accepted as security for demand or time deposits unless it has been certified by the Insurance Commissioner…
- § 16529 The form of bonds required under this chapter shall be prescribed by the Attorney General.
- § 16530 A surety upon any bond to secure demand or time deposits may terminate the bond as to future liability by giving 10 days’ written notice of termination to the…
- § 16531 That portion of any security for deposit that is in excess of the requirements of this article may be withdrawn or released on the written consent of the…
- § 16531.1 (a) Notwithstanding any other law and without regard to fiscal year, if the annual State Budget is not enacted by June 30 of the fiscal year preceding the…
- § 16532 If any bank fails to pay all or any part of such deposits on demand of the Treasurer, pursuant to the terms and conditions of the contract relating to the…
- § 16533 If at any time the security deposited with the Treasurer is not deemed satisfactory by the Treasurer, he may require such additional security as is…
ARTICLE 3. Custody of Securities §§ 16550–16554 · 5 sections
- § 16550 As used in this article, “qualified trust company” means the trust department of any State or National bank in this State or a trust company authorized to act…
- § 16551 With the consent of the bank owning securities deposited or to be deposited with him or her as security, the Treasurer may: (a) Authorize any qualified trust…
- § 16552 The Treasurer shall take from the qualified trust company or from any federal reserve bank or any branch thereof a receipt for any securities received by it…
- § 16553 Any qualified trust company or any federal reserve bank or any branch thereof to which securities are delivered, either as agent or depositary for the…
- § 16554 The charges of any qualified trust company or of any federal reserve bank or any branch thereof for the handling and safekeeping of such securities are not a…
ARTICLE 4. Contracts §§ 16560–16565 · 6 sections
- § 16560 The Treasurer shall enter into such contracts with such depositaries as in his judgment will be to the public advantage so to do. The contracts shall fix the…
- § 16561 In order to obtain as high rates of interest as possible, the contracts may contain any conditions necessary to conform with Section 19 of the Federal Reserve…
- § 16562 The contracts covering demand state deposits shall provide that each depositary shall render daily to the Treasurer a statement of the account showing the date…
- § 16563 The contracts shall be executed by the depositaries in triplicate. The Treasurer shall file one copy of each contract with the Controller.
- § 16564 At the time of depositing State money in any bank, designated as a depositary, the Treasurer shall take and preserve a receipt, certificate of deposit, or such…
- § 16565 On the order of the Treasurer, depositary banks shall handle, collect and pay all checks, drafts and other exchange in the same manner and under the same…