§ 41-14-34 — How Interest on Time Deposits, Open Account, Calculated and Paid; Emergency Withdrawal of Funds on Time Deposit, Open Account

Alabama § 41-14-34

• Jurisdiction: Alabama
• Title 41: State Government
• Ch. 14: State Funds Generally
• Art. 2: Deposit of State Funds

Text

(a) Interest shall be calculated on the basis of the contracts existing with respect to time deposits, open account, and shall be payable monthly to the State Treasurer and by that officer paid into the State Treasury to the credit of the General Fund of the state.
(b) In the event of an emergency, the Treasurer is authorized to comply with applicable banking regulations in order to receive all or any portion of the funds placed on time deposits, open account, on shorter notice than the agreement provides and to forfeit such amount of accrued and unpaid interest as may be required by such regulations.

Legislative History

(Acts 1967, No. 3, p. 336, §5; Acts 1983, 1st Ex. Sess., No. 83-80, p. 86.)