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mitted to act or be appointed as such unless it shall have a paidup capital of not less than one hundred thousand ($100,000) vollars, of which one hundred thousand ($100,000) dollars shall have been actually paid in in cash. [New section ; approved March 20, 1905 ; in effect immediately.]

Sections 7 and 8 of the Act approved March 20, 1905, read as follows:

Sec. 7. All Acts or parts of Acts in conflict with this Act are hereby repealed.

SEC. 8. This Act shall take effect immediately.

DEPOSIT OF STATE MONEYS IN BANKS.

An Act to authorize the deposit of State moneys in banks

in this State, and to repeal all Acts or parts of Acts in conflict with this Act.

[Approved February 28, 1907.]

The people of the State of California, represented in Senate

and Assembly, do enact as follows:

SECTION 1., All moneys in the State treasury belonging to the State not immediately required to meet current expenditures may be deposited by the State Treasurer to the credit of the State in such State or National bank, or banks, in the State, as the Treasurer, with the approval of the Governor and State Controllershall select for the safe-keeping of such deposits, and any sum so deposited shall be deemed to be in the State treasury ; provided, that the bank or banks in which such money is deposited shall furnish security as hereinafter provided; and provided further, that such depositary bank or banks be selected from those agreeing to pay the highest rate of interest, not less than two per cent per annum, for such deposits, as may be determined by bids to be submitted at such times and in such manner, as the Treasurer, with the approval of the Governor and State Controller, shall direct; provided, that not more than one tenth of the aggregate amount of State moneys available for deposit and on deposit shall be deposited in any one bank; and provided further, that such deposit shall not exceed twenty-five per cent of the paid-up capital, exclusive of reserve and surplus, of any depositary bank. Any and all

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bids may be rejected by the Treasurer, with the approval of the Governor and State Controller, and new bids asked for. The expense of transportation of moneys to and from the State treasury to such depositaries shall be borne by such depositaries. Said deposits, with interest thereon, shall be subject to withdrawal at any time upon the demand of the State Treasurer, or upon presentation of a certificate of deposit properly indorsed.

SEC. 2. The interest to be paid by any such depositary bank shall be on the average daily balances of the State moneys kept on deposit therewith, and shall be paid and credited to the State monthly on the first day of each and every month, and such interest shall accrue to the General Fund of the State treasury; provided, that if any moneys belonging to the State School Fund or the State School Land Fund shall at any time be deposited under the provisions of this Act, the interest received thereon shall be paid into the State School Fund.

SEC. 3. For the security of the funds deposited by the State Treasurer under the provisions of this Act, there shall be deposited with the Treasurer bonds of the United States, or of this State, or of any county, municipality or school district within this State, which bonds shall be approved by the Governor, Controller and Treasurer, to an amount in value at least ten per cent in excess of the amount of the deposit with such bank or banks; and if in any case, or at any time, such bonds are not deemed satisfactory security to the Governor, Controller and Treasurer, they may require such additional security as may be satisfactory to them. Said bonds or any part thereof may be withdrawn on the written consent of the Governor, Controller and Treasurer; provided, that a sufficient amount of said bonds to secure said deposits shall always be kept in the treasury; and in the event that said bank or banks of deposit shall fail to pay such deposits or any part thereof on the demand of the State Treasurer, or upon any presentation of a certificate of deposit properly indorsed, then it shall be the duty of the State Treasurer to forthwith convert said bonds into money and to disburse the same according to law; provided, however, that he shall sell no bonds for less than their face value except at public sale after ten days' printed notice in some newspaper of general circulation published in the county where the sale is to take place.

SEC. 4. The Treasurer shall take from such depositary or depositaries a written contract, in duplicate, setting forth the conditions and terms upon which the funds of the State are deposited therewith, one of which shall be filed with the Controller. One provision of said contract shall be that each depositary shall at the end of each month render to the Treasurer a statement in duplicate showing the daily balances or amount of money of the State held by it during the month and the amount of the accrued interest thereon separately, one of which shall be filed by the Treasurer with the Controller. The Treasurer shall annually on tne first day of July furnish each depositary bank with a statement showing the amount and description of the bonds on deposit with him by such bank to secure State deposits.

SEC. 5. The Treasurer, with the approval of the Governor and Controller, shall, if in his judgment it shall appear necessary for the security of the State, require said banks of deposit to give an indemnity bond, the sureties on which shall not be interested as stockholders in said bank or banks, to be approved by the Governor, Controller and Treasurer, to secure the State against loss by any depreciation in value that may occur in such bonds held by him as security for the safe-keeping and prompt payment of the State moneys in such depositaries.

SEC. 6. The State Treasurer shall not be responsible for any moneys deposited in a bank or in banks under the provisions of this Act while the same remain there deposited with the consent of the Governor and Controller; but the Treasurer shall be chargeable with the safe-keeping, management and disbursement of the bonds and certificates of deposit deposited with him as security for deposits of State moneys, and with the interests thereon, and the proceeds of any sale under the provisions of this Act.

SEC. 7. At the time of depositing State moneys in any bank designated as a depositary the Treasurer shall take a certificate or certificates of deposits made payable to the Treasurer of State in such sum or sums as he shall deem advisable. Such certificate or certificates of deposit in the possession of the Treasurer shall be deemed and counted as cash by the State Board of Examiners. Controller's warrants drawn upon the State treasury may be paid by such certificates of deposit when properly indorsed by the Treasurer the same as in cash. SEC. 8. The Act of March 20, 1905, entitled "An Act to authorize the deposit of State moneys in banks in this State, and to repeal all Acts or parts of Acts in conflict with this Act,” and all other Acts or parts of Acts in conflict with this Act, are hereby expressly repealed.

DEPOSIT OF COUNTY AND MUNICIPAL MONEYS IN

BANKS.

An Act to provide for and regulate the deposit of county

and municipal moneys in banks and banking corporations, limiting the amount of public moneys that may be deposited therein, and providing a penalty for the illegal deposit and use thereof.

[Approved March 23, 1907.]

The people of the State of California, represented in Senate and

Assembly, do enact as follows:

SECTION 1. All moneys belonging to any county or municipality within the State, may be deposited by any officer of such county or municipality having the legal custody of such county or municipal funds in any licensed national bank, or banks, within this State, or in any bank, banks or corporations authorized and licensed to do a banking business, and organized under the laws of this State; provided, that such bank or banks in which such moneys are deposited shall furnish as security for such deposits, bonds of the United States, or of this State, or of any county, municipality or school district within this State, approved by the officer making the deposit and the District Attorney for the county or City Attorney for the municipality to which the deposit belongs. The market value of the bonds furnished as security, shall be at least ten per cent in excess of the amount of the deposit secured thereby; but the amount of the deposit shall in no case exceed the face value of the bonds furnished as security therefor; and provided, that such bank, or banks, shall pay a reasonable rate of interest, not less than two per cent per annum on the daily balances therein deposited.

SEC. 2. The rate of interest shall be fixed annually as herein provided in the month of January of each year on all deposits to be made for such year; provided, that the rate of interest for the year ending December thirty-first, nineteen hundred and seven, may be fixed as herein provided within ninety days after this Act goe: nto effect. The rate of interest shall be fixed in the case of counties, by the Treasurer, Auditor, and chairman of the Board of Supervisors, and in the case of municipalities by the Treasurer, Auditor, (or Clerk in municipalities having no Auditor) and chairman of the council or other governing body of such municipality. Said rate of interest sliall be a reasonable rate and not less than two per cent per annum on the daily balances deposited; and the rate of interest so established for each year as herein provided, shall be the uniform rate of interest required from all banks receiving deposits from the county or municipality, for that year. Interest on all moneys deposited as herein provided for shall belong to the county or municipality represented by the officer making such deposit and shall be paid quarterly into the general fund of such county or municipality except where the law otherwise directs.

SEC. 3. It shall be the duty of the officer making the deposit, to receive from the bank in which the deposit is made, a receipt or receipts in duplicate showing the date and amount of deposit and rate of interest to be paid thereon, one copy of which said officer shall keep on file in his office and he shall file one copy with the Auditor of the county or Auditor of the municipality (or Clerk in municipalities having no Auditor) as the case may be.

SEC. 4. Every Treasurer shall keep a record in his office which shall be open to public inspection, showing at all times the amount of money on deposit and all banks in which the same is deposited, and dates of deposit. Also a record of all banks making application for the deposit of the public funds.

SEC. 5. The total amount of public moneys on deposit in any bank, shall not at any one time exceed fifty per cent of the paid-up capital stock of such depositary bank or banks. No officer shall have on deposit at any one time more than ten per cent of the public moneys under his control and available for deposit in any bank while there are other qualified banks requesting such deposits; provided, that no Treasurer of a

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