reglab/housing_qa huggingface dataset:
CA Govt Code § 16520 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 2 - Security for Deposits|Section 16520.

16520.  Security shall not be required for that portion of any deposit that is insured under any law of the United States.(Added by Stats. 1945, Ch. 120.)
CA Govt Code § 16521 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 2 - Security for Deposits|Section 16521.

16521.  To be eligible to receive and retain demand or time deposits, a bank shall deposit with the Treasurer as security for such deposits, securities specified in Section 16522, and approved by the Treasurer, in an amount in value at least 10 percent in excess of the amount deposited with the bank. Uncollected funds shall be excluded from the amount deposited in a demand account with a bank when determining the security requirements for such deposits.(Amended by Stats. 1978, Ch. 1016.)
CA Govt Code § 16523 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 2 - Security for Deposits|Section 16523.

16523.  If it appears to him necessary for the security of the State, the Treasurer shall require as a condition of eligibility that a bank furnish an indemnity bond approved by the Treasurer, conditioned against loss by any depreciation in value that may occur in securities deposited as security for the safekeeping and prompt payment of deposits. The sureties shall not be stockholders of the principal.(Amended by Stats. 1957, Ch. 1542.)
CA Govt Code § 16525 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 2 - Security for Deposits|Section 16525.

16525.  In lieu of deposits of securities, any otherwise eligible bank may deposit with the Treasurer bonds of admitted surety insurers as security for demand and time deposits.(Amended by Stats. 1977, Ch. 582.)
CA Govt Code § 16526 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 2 - Security for Deposits|Section 16526.

16526.  An admitted surety insurer is not eligible as surety for demand or time deposits in any one bank in amounts in excess of 10 percent of the capital and surplus of the surety as shown in the preceding report issued by the United States Treasury Department.(Amended by Stats. 1977, Ch. 582.)
CA Govt Code § 16527 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 2 - Security for Deposits|Section 16527.

16527.  On demand of the Treasurer, the Insurance Commissioner shall issue a certificate showing the qualifications of any admitted surety insurer as surety for demand or time deposits.(Amended by Stats. 1977, Ch. 582.)
CA Govt Code § 16528 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 2 - Security for Deposits|Section 16528.

16528.  The bond of an admitted surety insurer shall not be accepted as security for demand or time deposits unless it has been certified by the Insurance Commissioner as meeting the requirements of this chapter and unless it also holds a certificate of authority from the United States Treasury Department under which it is eligible as surety on federal bonds.(Amended by Stats. 1977, Ch. 582.)
CA Govt Code § 16529 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 2 - Security for Deposits|Section 16529.

16529.  The form of bonds required under this chapter shall be prescribed by the Attorney General.(Added by Stats. 1945, Ch. 120.)
CA Govt Code § 16530 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 2 - Security for Deposits|Section 16530.

16530.  A surety upon any bond to secure demand or time deposits may terminate the bond as to future liability by giving 10 days’ written notice of termination to the Treasurer. Such notice of termination shall not affect any liability accruing prior to the expiration of the 10-day period.Within 10 days after receipt of such a notice of termination, the Treasurer shall require other acceptable security or withdraw the deposits secured by the bond to be terminated.(Amended by Stats. 1977, Ch. 582.)
CA Govt Code § 16531 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 2 - Security for Deposits|Section 16531.

16531.  That portion of any security for deposit that is in excess of the requirements of this article may be withdrawn or released on the written consent of the Treasurer.(Amended by Stats. 1957, Ch. 1542.)
CA Govt Code § 16532 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 2 - Security for Deposits|Section 16532.

16532.  If any bank fails to pay all or any part of such deposits on demand of the Treasurer, pursuant to the terms and conditions of the contract relating to the deposit that is to be withdrawn in whole or in part, the Treasurer shall forthwith recover upon or convert the security therefor into money and disburse it according to law.(Added by Stats. 1945, Ch. 120.)
CA Govt Code § 16533 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 2 - Security for Deposits|Section 16533.

16533.  If at any time the security deposited with the Treasurer is not deemed satisfactory by the Treasurer, he may require such additional security as is satisfactory to him.(Amended by Stats. 1957, Ch. 1542.)
CA Govt Code § 16550 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 3 - Custody of Securities|Section 16550.

16550.  As used in this article, “qualified trust company” means the trust department of any State or National bank in this State or a trust company authorized to act as such in this State.(Added by Stats. 1945, Ch. 120.)
CA Govt Code § 16551 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 3 - Custody of Securities|Section 16551.

16551.  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 securities under paragraph (a) or (b) such trust company, with the prior approval of the Treasurer, may keep such securities for safekeeping with any state or national bank located in a city designated as a reserve or central reserve city by the Board of Governors of the Federal Reserve System.(Amended by Stats. 2015, Ch. 25, Sec. 23. (SB 84) Effective June 24, 2015.)
CA Govt Code § 16552 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 3 - Custody of Securities|Section 16552.

16552.  The Treasurer shall take from the qualified trust company or from any federal reserve bank or any branch thereof a receipt for any securities received by it under this article. Neither the Treasurer nor the state is responsible for the custody and safe return of such securities until they are withdrawn from the qualified trust company or from any federal reserve bank or any branch thereof by the Treasurer.(Amended by Stats. 2015, Ch. 25, Sec. 24. (SB 84) Effective June 24, 2015.)
CA Govt Code § 16553 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 3 - Custody of Securities|Section 16553.

16553.  Any qualified trust company or any federal reserve bank or any branch thereof to which securities are delivered, either as agent or depositary for the Treasury, shall make such disposition of the securities as the Treasurer directs and is responsible only for strict compliance with written instructions given to it by the Treasurer. All such securities are at all times subject to the order of the Treasurer.(Amended by Stats. 2015, Ch. 25, Sec. 25. (SB 84) Effective June 24, 2015.)
CA Govt Code § 16554 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 3 - Custody of Securities|Section 16554.

16554.  The charges of any qualified trust company or of any federal reserve bank or any branch thereof for the handling and safekeeping of such securities are not a charge against the Treasurer but shall be paid by the owner.(Amended by Stats. 2015, Ch. 25, Sec. 26. (SB 84) Effective June 24, 2015.)
CA Govt Code § 16560 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 4 - Contracts|Section 16560.

16560.  The Treasurer shall enter into such contracts with such depositaries as in his judgment will be to the public advantage so to do. The contracts shall fix the duration of deposits and the rates of interest to be received, if any, the interest payment dates, and provide conditions for their withdrawal, repayment, and security.(Amended by Stats. 1977, Ch. 622.)
CA Govt Code § 16561 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 4 - Contracts|Section 16561.

16561.  In order to obtain as high rates of interest as possible, the contracts may contain any conditions necessary to conform with Section 19 of the Federal Reserve Act, as amended, and with regulations established pursuant thereto by the Board of Governors of the Federal Reserve System, and demand deposits shall be subject to withdrawal at any time upon demand of the Treasurer.(Amended by Stats. 1977, Ch. 622.)
CA Govt Code § 16562 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 4 - Contracts|Section 16562.

16562.  The contracts covering demand state deposits shall provide that each depositary shall render daily to the Treasurer a statement of the account showing the date of deposits, payments or withdrawals therefrom made during the day and the balance or amount of money of the state held by it at the close of the day. In the event that such demand deposits are interest bearing, the contract also shall provide that on the interest payment dates the depositary shall also furnish a statement showing the amount of interest due thereon together with the payment of the interest due.The contracts covering time or interest-bearing term deposits shall provide that the interest to be paid by the depositary bank shall be paid upon the expiration of the certificate or certificates of deposit issued as a part of the contract. The contract may also provide for periodic interest payments during the term of the deposit. The contract governing time deposits shall also provide that the amounts of interest shall be reported by the depositary bank at the time of payment of the interest, by statement showing the balances or amounts of money of the state held by it during the period and the amount of accrued interest thereon.(Amended by Stats. 1977, Ch. 622.)
CA Govt Code § 16563 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 4 - Contracts|Section 16563.

16563.  The contracts shall be executed by the depositaries in triplicate. The Treasurer shall file one copy of each contract with the Controller.(Added by Stats. 1945, Ch. 120.)
CA Govt Code § 16564 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 4 - Contracts|Section 16564.

16564.  At the time of depositing State money in any bank, designated as a depositary, the Treasurer shall take and preserve a receipt, certificate of deposit, or such other evidence of the deposit as the Treasurer may require, stating the amount deposited and referring to the contract made between the depositary bank and the Treasurer.(Added by Stats. 1945, Ch. 120.)
CA Govt Code § 16565 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4 - Bank Deposits|ARTICLE 4 - Contracts|Section 16565.

16565.  On the order of the Treasurer, depositary banks shall handle, collect and pay all checks, drafts and other exchange in the same manner and under the same conditions as checks, drafts, and other exchange of other depositors are handled, collected and paid.(Added by Stats. 1945, Ch. 120.)
CA Govt Code § 16600 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4.5 - Savings and Loan Association Deposits|ARTICLE 1 - General|Section 16600.

16600.  (a) As used in this chapter, the following definitions shall apply:(1) “Eligible savings and loan association” means a state or federal savings association, as defined in Section 5102 of the Financial Code, located in this state, insured by the Federal Savings and Loan Insurance Corporation, and selected by the Treasurer for the safekeeping of money belonging to or in the custody of the state. An “eligible savings and loan association” must have received an overall rating of not less than “satisfactory” in its most recent evaluation by the appropriate federal financial supervisory agency of the association’s record of meeting the credit needs of the state’s communities, including low- and moderate-income neighborhoods, pursuant to Section 2906 of Title 12 of the United States Code.(2) “Eligible credit union” means a state or federal credit union located in this state, insured by the National Credit Union Administration, and selected by the Treasurer for the safekeeping of money belonging to or in the custody of the state. (b) An eligible savings and loan association or credit union is eligible to receive deposits only to the extent it furnishes the security required by this chapter.(Amended by Stats. 2000, Ch. 1036, first Sec. 3. Effective January 1, 2001.)
CA Govt Code § 16601 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4.5 - Savings and Loan Association Deposits|ARTICLE 1 - General|Section 16601.

16601.  Notwithstanding Section 16502, all other money in the State Treasury or under the control of the Treasurer belonging to or in the custody of the state, shall, so far as possible, be deposited by the Treasurer to the credit of the state in eligible banks as defined in Section 16500, eligible savings and loan associations, and eligible credit unions. Any sum in the State Treasury so deposited is deemed to be in the State Treasury. Any other amount so deposited is deemed to be held in trust by the Treasurer.(Amended by Stats. 1987, Ch. 1035, Sec. 2.)
CA Govt Code § 16602 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4.5 - Savings and Loan Association Deposits|ARTICLE 1 - General|Section 16602.

16602.  Subject to the limitations of Article 4.5 (commencing with Section 16480) of Chapter 3, the Treasurer shall determine what amounts of money shall be deposited as deposits in savings and loan associations, and credit unions, and the rates of interest to be received.(Amended by Stats. 1987, Ch. 1035, Sec. 3.)
CA Govt Code § 16603 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4.5 - Savings and Loan Association Deposits|ARTICLE 1 - General|Section 16603.

16603.  Subject to the applicable contract, the Treasurer may call in money from deposits in savings and loan associations and credit unions and place it in demand deposits in banks when necessary to meet current requirements.(Amended by Stats. 1987, Ch. 1035, Sec. 4.)
CA Govt Code § 16604 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4.5 - Savings and Loan Association Deposits|ARTICLE 1 - General|Section 16604.

16604.  Deposits in any savings and loan association or credit union shall not exceed the total of its net worth.(Amended by Stats. 1987, Ch. 1035, Sec. 5.)
CA Govt Code § 16605 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4.5 - Savings and Loan Association Deposits|ARTICLE 1 - General|Section 16605.

16605.  Notwithstanding Section 16506, all money belonging to or in the custody of the state under the control of any state officer or employee, other than the Treasurer, except petty cash funds authorized by the Department of Finance, shall be deposited in state or national banks in this state, state and federal savings associations in this state, as defined in Section 5102 of the Financial Code, and credit unions in this state, and under conditions as the Director of Finance prescribes. Savings and loan associations or credit unions receiving deposits shall be required to deposit with the Treasurer the same security as is required by this chapter for deposits made by the Treasurer.Savings and loan associations or credit unions receiving deposits of money from a county advanced or apportioned to it pursuant to Section 4481 of the Food and Agricultural Code shall be required to secure deposits in accordance with Article 2 (commencing with Section 53630) of Chapter 4 of Part 1 of Division 2 of Title 5.(Amended by Stats. 1987, Ch. 1035, Sec. 6.)
CA Govt Code § 16606 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4.5 - Savings and Loan Association Deposits|ARTICLE 1 - General|Section 16606.

16606.  A state officer is not liable on his or her official bond for losses caused by the failure of a savings and loan association or credit union in which a deposit is made of money belonging to an inmate of a state institution, if the officer was required or permitted by law to act as a trustee or fiduciary with respect to the money and if he or she made the deposit in good faith and in accordance with law.(Amended by Stats. 1987, Ch. 1035, Sec. 7.)
CA Govt Code § 16607 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4.5 - Savings and Loan Association Deposits|ARTICLE 1 - General|Section 16607.

16607.  The Treasurer is not responsible for any money deposited in a savings and loan association or credit union pursuant to this chapter, and while it remains so deposited.(Amended by Stats. 1987, Ch. 1035, Sec. 8.)
CA Govt Code § 16608 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4.5 - Savings and Loan Association Deposits|ARTICLE 1 - General|Section 16608.

16608.  The Treasurer is responsible for the safekeeping, management and disbursement of the certificates of deposit received and the securities deposited with him, the interest received on deposits, and the proceeds of any sale under this chapter. The state is responsible for the custody and safe return of any securities so deposited.(Added by Stats. 1976, Ch. 349.)
CA Govt Code § 16609 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4.5 - Savings and Loan Association Deposits|ARTICLE 1 - General|Section 16609.

16609.  Any state officer or employee who deposits any money belonging to or in the custody of the state in any manner other than as prescribed in this chapter or Chapter 4 (commencing with Section 16500) is subject to forfeiture of his office or employment.(Added by Stats. 1976, Ch. 349.)
CA Govt Code § 16610 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4.5 - Savings and Loan Association Deposits|ARTICLE 2 - Security for Deposits|Section 16610.

16610.  Security shall not be required for that portion of any deposit that is insured under any law of the United States.(Added by Stats. 1976, Ch. 349.)
CA Govt Code § 16611 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4.5 - Savings and Loan Association Deposits|ARTICLE 2 - Security for Deposits|Section 16611.

16611.  To be eligible to receive and retain deposits, a savings and loan association and credit union shall deposit with the Treasurer as security for deposits, securities specified in Section 16612, and approved by the Treasurer, in an amount in value at least 10 percent in excess of the amount deposited with the savings and loan association or credit union.(Amended by Stats. 1987, Ch. 1035, Sec. 9.)
CA Govt Code § 16613 (2021)
2021 California Code|Government Code - GOV|TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA|DIVISION 4 - FISCAL AFFAIRS|PART 2 - STATE FUNDS|CHAPTER 4.5 - Savings and Loan Association Deposits|ARTICLE 2 - Security for Deposits|Section 16613.

16613.  If it appears to him or her necessary for the security of the state, the Treasurer shall require as a condition of eligibility that a savings and loan association or credit union furnish an indemnity bond approved by the Treasurer, conditioned against loss by any depreciation in value that may occur in securities deposited as security for the safekeeping and prompt payment of deposits. The sureties shall not be stockholders of the principal.(Amended by Stats. 1987, Ch. 1035, Sec. 10.)