California Code of Regulations
Title 2 - Administration
Division 4.5 - Local Agency Deposit Security
Chapter 2 - Administrator of Local Agency Security
Subchapter 9 - Default of Depository
Article 5 - Order Not to Release Security
Section 16009.5.1 - Order Not to Release Security-Issuance
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
The Administrator may order an agent of depository which holds a security for the purpose of securing a secured local agency deposit in a depository not to release any such security whenever:
(a) In case such depository is a state bank, the Superintendent of Banks of the State of California takes possession of the business and property of, or appoints a conservator of, such depository.
(b) In case such depository is a national bank, the Comptroller of the Currency of the United States appoints a receiver or a conservator for such depository.
(c) In case such depository is a state savings and loan association, the Savings and Loan Commissioner of the State of California takes possession of the property, business, and assets of, or appoints a conservator of, such depository.
(d) In case such depository is a federal savings and loan association, the Federal Home Loan Bank Board appoints a receiver or conservator for such depository.
1. Amendment filed 10-8-76 as an emergency; effective upon filing (Register 76, No. 41).
2. Certificate of Compliance filed 2-4-77 (Register 77, No. 6).
