Pennsylvania Act 1935-47 — MUNICIPAL DEPOSITS, INSURANCE

Act text

MUNICIPAL DEPOSITS, INSURANCE
                   Act of May 1, 1935, P.L. 124, No. 47               Cl. 72
                                  AN ACT

     Authorizing the insurance of deposits of funds, of this
        Commonwealth and of the political subdivisions thereof, with
        the Federal Deposit Insurance Corporation or other similar
        agency; and prohibiting requiring further security for
        amounts so insured.

        Compiler's Note:  Section 2701 of Act 14 of 1949 provided
            that Act 47 is repealed insofar as it relates to school
            districts.
        Compiler's Note:  Section 2201 of Act 69 of 1933 provided
            that Act 47 is repealed insofar as it relates to
            townships of the second class.
        Compiler's Note:  Section 3501 of Act 331 of 1931 provided
            that Act 47 is repealed insofar as it relates to
            townships of the first class.
        Compiler's Note:  Section 3501 of Act 336 of 1927 provided
            that Act 47 is repealed insofar as it relates to
            boroughs.
        Section 1.  Be it enacted, &c., That all moneys, belonging to
     this Commonwealth and the political subdivisions thereof, or
     held, by the Commonwealth and any such political subdivision,
     for any purpose, and deposited with any banking institution in
     this Commonwealth, may be insured with the Federal Deposit
     Insurance Corporation or any other corporation, hereafter
     organized by the United States for the purpose of insuring
     deposits up to the amount to which such corporation is, or may
     hereafter be authorized, to insure deposits in any one name; and
     when so insured, neither the Commonwealth, nor any such
     political subdivision thereof, shall require such banking
     institution to furnish additional bond, insurance or security,
     to cover the amount of such deposits so insured.
        Section 2.  All acts and parts of acts inconsistent herewith
     are hereby repealed.
        Section 3.  The provisions of this act shall become effective
     immediately upon its final enactment.