California Government Code

§ 53637

GOV § 53637 Effective Jan 1, 1999Div. 2 · Title 5 · Part 1 · Ch. 4 · Art. 2

Statute text

The money shall be deposited in any bank, savings association or federal association, state or federal credit union, or federally insured industrial loan company with the objective of realizing maximum return, consistent with prudent financial management, except that money shall not be deposited in any state or federal credit union if a member of the legislative body of a local agency, or any person with investment decisionmaking authority of the administrative office, manager’s office, budget office, auditor-controller’s office, or treasurer’s office of the local agency, also serves on the board of directors, or any committee appointed by the board of directors, or the credit committee or supervisory committee, of the state or federal credit union.

Legislative history

Amended by Stats. 1998, Ch. 81, Sec. 2. Effective January 1, 1999.