California Government Code

§ 53601.5

GOV § 53601.5 Effective Jan 1, 2002Div. 2 · Title 5 · Part 1 · Ch. 4 · Art. 1

Statute text

The purchase by a local agency of any investment authorized pursuant to Section 53601 or 53601.1, not purchased directly from the issuer, shall be purchased either from an institution licensed by the state as a broker-dealer, as defined in Section 25004 of the Corporations Code, or from a member of a federally regulated securities exchange, from a national or state-chartered bank, from a savings association or federal association (as defined by Section 5102 of the Financial Code) or from a brokerage firm designated as a primary government dealer by the Federal Reserve bank.

Legislative history

Amended by Stats. 2001, Ch. 57, Sec. 2. Effective January 1, 2002.