An agent of a depository may hold and pool securities to secure deposits for one or more depositories pursuant to Section 53656, but shall maintain a separate pool for each said depository. Each local agency shall have an undivided security interest in the pooled securities in the proportion that the amount of its deposits bears to the total amount of deposits secured by the pooled securities.

(Amended by Stats. 1970, Ch. 84.)

Terms Used In California Government Code 53658

  • Depository: means a state or national bank, savings association or federal association, a state or federal credit union, or a federally insured industrial loan company, in this state in which the moneys of a local agency are deposited. See California Government Code 53630
  • Local agency: means county, city, city and county, including a chartered city or county, a community college district, or other public agency or corporation in this state. See California Government Code 53630
  • Pooled securities: means eligible securities held by an agent of depository for a depository and securing deposits of one or more local agencies. See California Government Code 53630
  • Security: means any of the eligible securities or obligations listed in Section 53651. See California Government Code 53630
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