§ 19-13-3. Segregation of new cash deposits.
Cash deposits, called “new cash deposits”, received by any regulated institution after an order of the director issued under the provisions of this chapter suspending or restricting withdrawals of currency from that regulated institution, and while the order remains in force either in whole or in part, shall not be subject, by reason of the order, to any limitation or restriction as to payment or withdrawal in currency or otherwise, and shall be segregated and held or invested and used solely to meet the new cash deposit liability; provided, however, that the aggregate amount of cash representing those deposits shall be kept separately in cash, or on deposit in Federal Reserve banks, or invested in obligations of the United States, or as may otherwise be authorized from time to time by order of the Secretary of the Treasury of the United States or other constituted federal authority.
History of Section.P.L. 1995, ch. 82, § 51.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-13 - Banking Emergencies
Section 19-13-1. - Proclamation of emergency.
Section 19-13-2. - Suspension of payment of deposits.
Section 19-13-3. - Segregation of new cash deposits.
Section 19-13-4. - New deposits other than cash.
Section 19-13-5. - Bank holidays.
Section 19-13-6. - Conformity to federal law.
Section 19-13-7. - Violation of orders or rules.
Section 19-13-8. - Costs and expenses.
Section 19-13-9. - Emergency measure.
Section 19-13-10. - Emergency powers of the director.
Section 19-13-11. - Rules and regulations.