Pennsylvania Act 1897-131 — DEPOSIT OF STATE MONIES IN BANKING INSTITUTIONS REGULATED

Act text

DEPOSIT OF STATE MONIES IN BANKING INSTITUTIONS REGULATED
                 Act of Jun. 15, 1897, P.L. 157, No. 131              Cl. 72
                                  AN ACT

     Regulating the deposit of moneys belonging to the State in the
        banking institutions thereof, and providing for the
        collection of interest thereon.

        Section 2.  Deposits limited to one-half of bond
        The State Treasurer before making such deposits shall require
     each bank, banking institution or trust company to give a good
     and sufficient bond, containing a warrant of attorney to confess
     judgment in favor of the Commonwealth in double the amount of
     the contemplated deposit, with sureties to be approved by the
     Board of Revenue Commissioners of the Commonwealth of
     Pennsylvania, and no deposit shall at any time be greater than
     one-half of the amount of the bond furnished by said depository.
     And, further, the said bond or bonds so given shall include a
     special obligation to settle with and pay to the State
     Treasurer, for the use of the Commonwealth, the amount of
     interest as it shall become due, semi-annually. 1897, June 15,
     P.L. 157, SEc. 2.
        Section 5.  Preparation and execution of bonds
        It shall be the duty of the said Board of Revenue
     Commissioners to cause to be prepared proper bonds to carry out
     the provisions of this act, and require the same to be executed
     by the State Treasurer and the banking institutions receiving
     State deposits, at or before the date when this act shall go
     into operation. 1897, June 15, P.L. 157, Sec. 5.