§ 13470. — 13470. (Amended by Stats. 1951, Ch. 1708.)

California § 13470.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Div.: 3.
• Title 2.: DIVISION 3. EXECUTIVE DEPARTMENT
• Part 3.: PART 3. DEPARTMENT OF FINANCE
• Ch. 6.: CHAPTER 6. Purchase and Sale of Bonds
• Art. 2.: ARTICLE 2. State School Funds

Text

Whenever there is in the treasury to the credit of the Unclaimed Property Fund the sum of twenty thousand dollars ($20,000) or more, the Director of Finance shall invest all but ten thousand dollars ($10,000) in the bonds specified in this article. No investment shall be made which will reduce the uninvested portion of the fund below the amount of ten thousand dollars ($10,000), and whenever a demand presented against the fund will reduce the amount of cash therein below ten thousand dollars ($10,000), the director shall sell such bonds belonging to the fund as he deems proper, so as to restore the cash retention of ten thousand dollars ($10,000).

Legislative History

Amended by Stats. 1951, Ch. 1708.