Georgia Code
Article 3 - State Depositories
§ 50-17-54. Monitoring Financial Condition of Depositories; Action in Case of Insolvency of Depository

It shall be the duty of the board to keep itself advised, from time to time, of the financial condition of the various state depositories, as well as of the financial condition and standing of the securities on the bonds of the depositories; and, if at any time the board should become satisfied as to the insolvency of any of the depositories or that the affairs of any of the depositories are in an embarrassed financial condition, it shall be the duty of the board to direct the state treasurer to withdraw the money of the state from such depository. In case the board should be advised of the insolvency of the securities on the bond of any of the depositories, it shall be the duty of the state treasurer to notify the depository to strengthen the bond; and if, at the end of ten days, the bond is not strengthened, it shall be the duty of the board to direct the state treasurer to withdraw the money of the state from such depository. In either event, the board may also withdraw designation as a state depository.
History. Ga. L. 1882-83, p. 138, § 2; Civil Code 1895, § 987; Civil Code 1910, § 1254; Code 1933, § 100-106; Ga. L. 1949, p. 13, § 8; Ga. L. 1971, p. 553, § 5; Ga. L. 1973, p. 149, § 5; Ga. L. 2010, p. 863, § 4/SB 296.

Structure Georgia Code

Georgia Code

Title 50 - State Government

Chapter 17 - State Debt, Investment, and Depositories

Article 3 - State Depositories

§ 50-17-50. Creation of State Depository Board; Membership; Quorum; Assignment for Administrative Purposes

§ 50-17-50.1. Authority to Vote

§ 50-17-51. Meetings of State Depository Board; Records; List of Deposits; Interest Policy; Cash Management Policies and Procedures

§ 50-17-52. Contracts for Interest on Deposits; Authority to Remove Deposits

§ 50-17-53. Authority to Determine Amount to Be Deposited; Deposit Security Required

§ 50-17-54. Monitoring Financial Condition of Depositories; Action in Case of Insolvency of Depository

§ 50-17-55. Absolute Discretion of State Depository Board in Performance of Duties

§ 50-17-56. State Treasurer to Make Deposits in Compliance With Board’s Determinations

§ 50-17-57. State Treasurer to Make Reports

§ 50-17-58. Execution of Bonds by Depositories

§ 50-17-59. Deposit of Securities in Lieu of Bond

§ 50-17-60. Governor to Sell Bonds to Reimburse State for Any Default

§ 50-17-61. Procedure for Relief of Bond Sureties

§ 50-17-62. Funds to Be Held by Depositories

§ 50-17-63. Deposit of Demand Funds; Investment of Funds; Reports; Remittance of Interest Earned; Motor Fuel Tax Revenues

§ 50-17-64. Depositories Required to Furnish Monthly Statements

§ 50-17-65. State Officials to Notify Depositories of Any Unauthorized Signatures or Alterations; Notification in Lieu of Other Obligations to Notify; Assent to Provisions by Depositories

§ 50-17-66. State Officer Not to Receive Commission, Interest, Compensation, or Reward for Depositing State Money

§ 50-17-67. Depositories to Serve Without Definite Term or Salary or Fees; Exception