Financial institutions

CHAPTER 19-3.1
Trust Powers

SECTION 19-3.1-9

§ 19-3.1-9 Certificates of deposit – Interest and income – Substitution of securities.

Upon the receipt by the general treasurer of the securities from the financial institution, the general treasurer shall give to the financial institution a certificate stating the securities and amount of each. The general treasurer shall at all times pay over to the financial institution any interest received upon the deposited securities, and shall at all times permit the institution, by its treasurer or other authorized agent, to examine the securities, to receive all coupons on the securities, as they shall mature, and to collect for the use of the financial institution all interest due on the securities. The general treasurer shall also permit the financial institution to retire any deposited securities on substituting other securities of the classes mentioned above, to an amount that the market value of the whole deposit shall not be less than the amount required by this title.

History of Section.
(P.L. 1995, ch. 82, § 41.)