Bank Laws; Bank Act of California. Public Deposit Acts of California. National Bank ACT as Amended. Currency Act of March 14, 1900. Additional Circula

This historic book may have numerous typos, missing text, images, or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1909. Not illustrated. Excerpt: ... Public Deposit Adls of California STATE DEPOSIT ACT An Act To Authorize The Deposit Of State Moneys In Banks In This State, And To Repeal All Acts Or Parts Of Acts In Conflict With This Act. [Approved February 28, 1907.] The people of the State of California, represented in senate and assembly, do enact as follows: SECTION 1. All moneys in the state treasury belonging to the Deposit of state state not immediately required to meet current expenditures may moneys in hanks. be deposited by the State treasurer to the credit of the state in such state or national bank, or banks, in the state, as the treasurer, with the approval of the governor and state controller, shall select for the safe-keeping of such deposits, and any sum so deposited shall be deemed to be in the state treasury; provided, that the bank or banks in which such money is deposited shall furnish security as Security. hereinafter provided, and provided further, that such depositary bank or banks be selected from those agreeing to pay the highest rate of interest, not less than two per centum per annum, for such Interest. deposits, as may be determined by bids to be submitted at such times and in such manner, as the treasurer, with the approval of the governor and state controller, shall direct; provided, that not /mntmt to be more than one-tenth of the aggregate amount of state moneys deposited. available for deposit and on deposit shall be deposited in any one bank, and provided further. that such deposit shall not exceed twenty-five per centum of the paid-up capital, exclusive of reserve and surplus, of any depositary bank. Any and all bids may be rejected by the treasurer, with the approval of the governor and state controller, and new bids asked for. The expense of trans- r- oense ot por...