§ 3811. Amount of deposits limited
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal Affairs
72 P.S. § 3811
§ 3811. Amount of deposits limited
No bank, banking institution, or trust company shall receive a deposit of State moneys in excess of twenty-five per centum of its paid in capital and surplus; and no bank, banking institution, or trust company shall receive a deposit, or have at any one time an aggregate of deposits, in excess of three hundred thousand dollars ($300,000): Provided, That this section shall not apply to the institutions to be designated by the Revenue Commissioners1 and the Banking Commissioner,2 or a majority of them, as active depositaries of State funds, subject to check daily by the State Treasurer. The active banks, so designated, shall be required to make all collections for the Commonwealth without cost or compensation, but at no time shall the combined deposits in the active banks exceed the total sum of six million dollars.
Credits
1906, Feb. 17, P.L. 45, No. 11 (Spec. Sess. No. 1), § 4. Amended 1917, July 18, P.L. 1065, No. 349, § 1.
Footnotes
Now Board of Finance and Revenue in the Treasury Department. See 71 P.S. §§ 12 and 62.
Now Secretary of Banking and Securities. See 71 P.S. § 66.
72 P.S. § 3811, PA ST 72 P.S. § 3811
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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