§ 5-13-9.5-6 — Revocation of commission of depository; causes

Indiana § 5-13-9.5-6

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 13: INVESTMENT OF PUBLIC FUNDS
• Ch. 9.5: Designation of State Depositories

Text

(a) The board for depositories regarding
depositories of public funds of the state may revoke the commission of
any depository at any time for any cause considered sufficient by the
board for depositories.
(b) The causes for which the board for depositories may revoke the
commission of a depository under subsection (a) include the failure of
the depository to conduct lending activities in Indiana to such an extent
that, at the end of each quarter, pursuant to the depository's
certification, the sum of:
(1) the total principal amount of the depository's outstanding loans
to Indiana residents (as defined in IC 5-13-8-7); plus
(2) the total value of the depository's investments in Indiana
residents (as defined in IC 5-13-8-7);
is at least equal to the total amount of public funds of the state and
political subdivisions of the state that are on deposit in the depository.
(c) Upon revocation, the depository shall immediately render an
accounting and make settlement for all public funds deposited with the
depository.

Legislative History

As added by P.L.18-1996, SEC.22.