Gov. Code, § 53656 · Article 2. Deposit of Funds
Gov. Code, § 53656
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) At the time the treasurer enters into a contract with the depository pursuant to Section 53649, he or she shall authorize the agent of depository designated by the depository, but including the trust department of the depository only when acceptable to both the treasurer and the depository, to hold securities of the depository in accordance with this article to secure the deposit of the local agency.
(b) Only those trust companies and trust departments, or the Federal Home Loan Bank of San Francisco, which have been authorized by the administrator pursuant to Section 53657 shall be authorized by treasurers to act as agents of depository.
(c) The securities are subject to order of the depository in accordance with Section 53654 except when the provisions of subdivision (i) of Section 53661 and Section 53665 are in effect.
(d) An agent of depository shall not release any security held to secure a local agency deposit in a depository unless the administrator issues an order authorizing the release where either of the following occurs:
(1) A state or federal regulatory agency has taken possession of the depository.
(2) A conservator, receiver, or other legal custodian has been appointed for the depository.
Notes and commentary — not statutory text
History
Amended by Stats. 1998, Ch. 1035, Sec. 10. Effective September 30, 1998.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=53656.
- Text hash
- sha256 1f1efee5f8f265cb0d9277a5ba3e15626de96225eee1f9008e2047616e12fd95
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Cited by 6 provisions
Provisions in this library whose text cites Gov. Code, § 53656. Each shows the citation as that text prints it.
Government Code
- Gov. Code, § 53649Printed as Section 53656
- Gov. Code, § 53652Printed as Sections 53656 and 53658
- Gov. Code, § 53658Printed as Section 53656
- Gov. Code, § 53659Printed as Section 53656
- Gov. Code, § 53660Printed as Section 53656
- Gov. Code, § 53661Printed as Sections 53638, 53651, 53651.2, 53651.4, 53651.6, 53652, 53654, 53655, 53656, 53657, 53658, 53659, 53660, 53661, 53663, 53664, 53665, 53666, and 53667 | Sections 53649 and 53656
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.