California Statutes
§ 16551. — 16551. (Amended by Stats. 2015, Ch. 25, Sec. 23.)
California·Code GOV Government Code - GOV·Div. 4.·Title 2. DIVISION 4. FISCAL AFFAIRS·Part 2. PART 2. STATE FUNDS·Ch. 4. CHAPTER 4. Bank Deposits·Art. 3. ARTICLE 3. Custody of Securities
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 company, other than the depositor bank, or any federal reserve bank or any branch thereof or any state or national bank located in any city designated as a reserve or central reserve city by the Board of Governors of the Federal Reserve System to receive as his or her agent deposits of any securities approved under this chapter.
(b)Place and maintain for safekeeping as a trust deposit with any qualified trust company, other than the depositor bank, or with any federal reserve bank or
any branch thereof any securities that have been received by him or her under this chapter.
(c)Whenever any qualified trust company accepts such
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California § 16551. (16551. (Amended by Stats. 2015, Ch. 25, Sec. 23.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 2015, Ch. 25, Sec. 23. (SB 84) Effective June 24, 2015.