Georgia Code, Title 50, Chapter 17, Article 3 - State Depositories
- § 50-17-50 - Creation of State Depository Board; Membership; Quorum; Assignment for Administrative Purposes
The State Depository Board, referred to in this article as the "board," is created, consisting of the Governor, the state chief financial officer, the...
- § 50-17-50.1 - Authority to Vote
No member of the State Depository Board shall vote to name and appoint as state depositories of state funds any bank, trust company, building...
- § 50-17-51 - Meetings of State Depository Board; Records; List of Deposits; Interest Policy; Cash Management Policies and Procedures
(a) The board shall meet at least once every 90 days. The records and proceedings of the board shall be available for inspection by...
- § 50-17-52 - Contracts for Interest on Deposits; Authority to Remove Deposits
The board shall make with depositories the most advantageous contracts for interest to be paid by them to the state for the use of...
- § 50-17-53 - Authority to Determine Amount to Be Deposited; Deposit Security Required
To enable the board to fulfill its responsibilities of ensuring safe and effective cash management, the board shall be authorized to determine, from time...
- § 50-17-54 - Monitoring Financial Condition of Depositories; Action in Case of Insolvency of Depository
It shall be the duty of the board to keep itself advised, from time to time, of the financial condition of the various state...
- § 50-17-55 - Absolute Discretion of State Depository Board in Performance of Duties
The board shall exercise absolute discretion in performing its duties under this article.
- § 50-17-56 - State Treasurer to Make Deposits in Compliance With Board's Determinations
The state treasurer shall deposit all state moneys in compliance with the determination of the board as to the maximum amount and proportion of...
- § 50-17-57 - State Treasurer to Make Reports
The state treasurer, as administrative officer of the board, shall furnish to the Governor and the board such information and reports relating to funds...
- § 50-17-58 - Execution of Bonds by Depositories
Depositories, before entering upon the discharge of their duties, by their proper officers, shall execute bonds, with good and sufficient securities, to be fixed...
- § 50-17-59 - Deposit of Securities in Lieu of Bond
(a) The state treasurer cannot have on deposit at any one time in any of the depositories for a time longer than ten days...
- § 50-17-60 - Governor to Sell Bonds to Reimburse State for Any Default
Whenever any bank which has been made a state depository and has deposited bonds shall fail to perform faithfully such duties as shall be...
- § 50-17-61 - Procedure for Relief of Bond Sureties
Any surety desiring to be relieved from the bond of a state depository may give notice in writing to the Governor of such desire...
- § 50-17-62 - Funds to Be Held by Depositories
State depositories shall hold: (1) All funds deposited with them as time deposits for and on account of the state in accordance with such...
- § 50-17-63 - Deposit of Demand Funds; Investment of Funds; Reports; Remittance of Interest Earned; Motor Fuel Tax Revenues
(a) All demand funds held by any department, board, bureau, or other agency of the state shall be deposited in state depositories, except the...
- § 50-17-64 - Depositories Required to Furnish Monthly Statements
State depositories shall furnish to the state official having custody of the funds a monthly statement of demand accounts and shall furnish to the...
- § 50-17-65 - State Officials to Notify Depositories of Any Unauthorized Signatures or Alterations; Notification in Lieu of Other Obligations to Notify; Assent to Provisions by Depositories
The state official or employee of any state department, board, bureau, commission, committee, authority, or other state agency to whom a depository bank sends...
- § 50-17-66 - State Officer Not to Receive Commission, Interest, Compensation, or Reward for Depositing State Money
No officer of this state shall be allowed to receive any commission, interest, compensation, or reward for himself from any source for the depositing...
- § 50-17-67 - Depositories to Serve Without Definite Term or Salary or Fees; Exception
Depositories appointed by the board shall serve only at the discretion of the board and without definite term. Depositories shall receive no salary or...
Last modified: October 14, 2016