Pennsylvania Act 1927-374 — SUPPLEMENTARY ACT, STATE DEPOSITORIES

Act text

SUPPLEMENTARY ACT, STATE DEPOSITORIES
                  Act of May 4, 1927, P.L. 726, No. 374               Cl. 72
                               A SUPPLEMENT

     To the act, approved the seventeenth day of February, one
        thousand nine hundred and six (Pamphlet Laws, forty-five),
        entitled "An act to regulate the deposits of State funds, to
        prescribe the method of selecting State depositories, to
        limit the amount of State deposits, to provide for the
        security of such deposits, to fix the rate of interest
        thereon, to provide for the publication of monthly statements
        of moneys in the general and sinking funds, to declare it a
        misdemeanor to give or take anything of value for obtaining
        the same, and prescribing penalties for violations of this
        act," providing for interest reports from State depositories.

        Section 1.  Be it enacted, &c., That the interest on State
     deposits in banks, banking institutions, and trust companies, as
     fixed by existing law, shall become due semi-annually on the
     thirtieth day of April and the thirty-first day of October, each
     year; and it shall be the duty of every such bank, banking
     institution, and trust company, acting as a State depository, to
     make an interest report relative to its State deposits to the
     State Treasurer and Auditor General within thirty days after the
     dates above set forth. Failure to make such report shall subject
     the bank, banking institution, or trust company to a penalty of
     ten per centum of the amount of the interest due for such
     period, which penalty shall be collected by the Auditor General
     as debts of like amount are now by law recoverable, and shall be
     paid into the State Treasury.