California Code of Regulations
Title 2 - Administration
Division 4.5 - Local Agency Deposit Security
Chapter 2 - Administrator of Local Agency Security
Subchapter 7 - Security Pools (REN)
Article 1 - General Provisions
Section 16007.1.9 - Notification Regarding Ineligible Security (REN)

Whenever a security (REN) in a security pool (REN) which a depository maintains with an agent of depository ceases for any reason to be an eligible security (REN), such depository shall, within 10 business days, serve on such agent of depository a written notice to such effect and remove such security (REN) from such security pool by effecting a withdrawal of the security or, if required by the provisions of Government Code Section 53651(m)(1), a substitution of securities.

Note: Authority cited: Section 53661, Government Code. Reference: Section 53651, Government Code.