California Government Code

§ 16551

GOV § 16551 Effective Jun 24, 2015Div. 4 · Title 2 · Part 2 · Ch. 4 · Art. 3

Statute text

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.

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Legislative history

Amended by Stats. 2015, Ch. 25, Sec. 23. (SB 84) Effective June 24, 2015.