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§ 16009.5.1. Order Not to Release Security--Issuance.

2 CA ADC § 16009.5.1Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 2. Administration
Division 4.5. Local Agency Deposit Security
Chapter 2. Administrator of Local Agency Security
Subchapter 9. Default of Depository
Article 5. Order Not to Release Security
2 CCR § 16009.5.1
§ 16009.5.1. Order Not to Release Security--Issuance.
Currentness
The Administrator may order an agent of depository which holds a security for the purpose of securing a secured local agency deposit in a depository not to release any such security whenever:
(a) In case such depository is a state bank, the Superintendent of Banks of the State of California takes possession of the business and property of, or appoints a conservator of, such depository.
(b) In case such depository is a national bank, the Comptroller of the Currency of the United States appoints a receiver or a conservator for such depository.
(c) In case such depository is a state savings and loan association, the Savings and Loan Commissioner of the State of California takes possession of the property, business, and assets of, or appoints a conservator of, such depository.
(d) In case such depository is a federal savings and loan association, the Federal Home Loan Bank Board appoints a receiver or conservator for such depository.

Credits

History
1. Amendment filed 10-8-76 as an emergency; effective upon filing (Register 76, No. 41).
2. Certificate of Compliance filed 2-4-77 (Register 77, No. 6).
This database is current through 8/23/24 Register 2024, No. 34.
Cal. Admin. Code tit. 2, § 16009.5.1, 2 CA ADC § 16009.5.1
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