California Government Code 16506 – All money belonging to or in the custody of the state under the …
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 such state or national banks in this state and under such conditions as the Director of Finance prescribes. Banks receiving such deposits shall be required to deposit with the Treasurer the same security as is required by this chapter for deposits made by the Treasurer.
Banks receiving deposits of money from a county advanced or apportioned to it pursuant to § 4481 of the Food and Agricultural Code shall be required to secure such deposits in accordance with Article 2 (commencing with Section 53630) of Chapter 4, Part 1, Division 2 of Title 5.
Terms Used In California Government Code 16506
- County: includes city and county. See California Government Code 19
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
(Amended by Stats. 1974, Ch. 1221.)