Arkansas Statutes
§ 24-9-206 — Certificates of deposit
Arkansas·Title 24
When a governing body of a trust shall decide to invest moneys belonging to the trust in certificates of deposit, the following conditions must be met:
(1)The certificate of deposit must be issued in the name of the trust;
(2)The certificate, when received, must be maintained at the office of the board of trustees or in the trust department of a firm normally engaged in providing trust services; and (3) Subsequent to the purchasing of a certificate of deposit, the board of trustees shall be required to request confirmation of the validity of the certificate directly from the issuing bank.
Free access — add to your briefcase to read the full text and ask questions with AI
Arkansas § 24-9-206 (Certificates of deposit) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1973, No. 282, § 5; A.S.A. 1947, § 13-2105.
Nearby Sections
15
§ 24-1-101
Assets and income for retirement systems§ 24-1-102
Annual valuation§ 24-1-103
Change of contribution rate§ 24-1-105
Liabilities exceeding thirty-year amortization period - Legislated benefit enhancement prohibited§ 24-1-106
Benefit enhancements§ 24-1-201
Declaration of policy§ 24-1-202
Definitions§ 24-1-203
Rules§ 24-1-206
Agents§ 24-1-207
Contributions - State employees