SEC. 27-105-315. Qualification as depository.

(1) Any financial institution in a county, or in an adjoining county where there is no financial institution in the county qualifying, whose accounts are insured by the Federal Deposit Insurance Corporation or any successors to that insurance corporation may qualify as a county depository, if the institution qualifies as a public funds depository under Section 27-105-5 or a public funds guaranty pool member under Sections 27-105-5 and 27-105-6. The qualified financial institution shall secure those deposits by placing qualified securities on deposit with the State Treasurer as provided in Section 27-105-5.

(2) Notwithstanding the foregoing, any financial institution not meeting the prescribed ratio requirement whose accounts are insured by the Federal Deposit Insurance Corporation * * * or any successors to that insurance corporation, may receive county funds in an amount not exceeding the amount that is insured by that insurance corporation and may qualify as a county depository to the extent of that insurance.

SOURCES: Codes, Hemingway's 1917, Sec. 4240; 1930, Sec. 4346; 1942, Sec. 9150; Laws, 1912, ch. 194; 1918, ch. 187; 1934, chs. 211, 212; 1936, ch. 168; 1948, ch. 463, Sec. 1; 1980, ch. 367; 1985, ch. 312, Sec. 3; 1985, ch. 514, Sec. 10; 1988, ch. 473, Sec. 8, eff from and after December 1, 1988. Amended by Laws 2000, Ch. 408, Sec. 7, SB3064, eff. July 1, 2001.

PREVIOUS VERSIONS: Pre-2000