§ 19-3.1-9. Certificates of deposit — Interest and income — Substitution of securities.
Upon the receipt by the general treasurer of the securities from the financial institution, the general treasurer shall give to the financial institution a certificate stating the securities and amount of each. The general treasurer shall at all times pay over to the financial institution any interest received upon the deposited securities, and shall at all times permit the institution, by its treasurer or other authorized agent, to examine the securities, to receive all coupons on the securities as they shall mature, and to collect for the use of the financial institution all interest due on the securities. The general treasurer shall also permit the financial institution to retire any deposited securities on substituting other securities of the classes mentioned above, to an amount that the market value of the whole deposit shall not be less than the amount required by this title.
History of Section.P.L. 1995, ch. 82, § 41.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Section 19-3.1-2. - Power to hold and invest assets.
Section 19-3.1-2.1. - Permitted investments.
Section 19-3.1-3. - Financial institution acting as fiduciary.
Section 19-3.1-4. - Fiduciary bond given by financial institution.
Section 19-3.1-5. - Financial institutions administering burial grounds.
Section 19-3.1-6. - Foreign banks and trust companies — Agent to receive process.
Section 19-3.1-7. - Assets equal to capital stock as pledged — Preference over other creditors.
Section 19-3.1-8. - Deposits by financial institutions with general treasurer.
Section 19-3.1-9. - Certificates of deposit — Interest and income — Substitution of securities.