Whenever any bank which has been made a state depository and has deposited bonds shall fail to perform faithfully such duties as shall be required of it by law or shall fail to account faithfully for all the public moneys or effects that may have come into its hands during its continuance in office, the Governor shall sell sufficient bonds to reimburse the state the amounts due by the state depository on account of such default.
History. Ga. L. 1889, p. 177, § 2; Civil Code 1895, § 991; Civil Code 1910, § 1258; Code 1933, § 100-110.
Structure Georgia Code
Chapter 17 - State Debt, Investment, and Depositories
Article 3 - State Depositories
§ 50-17-50.1. Authority to Vote
§ 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
§ 50-17-55. 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
§ 50-17-64. Depositories Required to Furnish Monthly Statements
§ 50-17-67. Depositories to Serve Without Definite Term or Salary or Fees; Exception