California Code of Regulations
Title 2 - Administration
Division 4.5 - Local Agency Deposit Security
Chapter 2 - Administrator of Local Agency Security
Subchapter 2 - Agent of Depository
Article 3 - Declaration of Ineligibility and Transfer Order
Section 16002.3.4 - Transferred Security
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
An agent of depository to which a security securing a secured local agency deposit is transferred in accordance with a declaration of ineligibility and transfer order may hold, pool, place for safekeeping, and release or otherwise dispose of such security as agent of depository in accordance with Local Agency Deposit Security Law and this Chapter, provided, however:
(a) If the treasurer of each local agency a deposit of which is secured by such transferred security enters into an amendment on the deposit contract relating to such deposit, naming another agent of depository, such security shall be transferred to such other agent of depository at the expense of the depository;
(b) If such declaration of ineligibility and transfer order is revoked and if the treasurer of each local agency a deposit of which is secured by such transferred security has not yet entered into an amendment to the deposit contract relating to such deposit, naming another agent of depository, then such security shall be transferred back to the agent of depository declared ineligible in such revoked declaration of ineligibility and transfer order at the expense of such agent of depository.
