California Government Code

§ 53645

GOV § 53645 Effective Jan 1, 1993Div. 2 · Title 5 · Part 1 · Ch. 4 · Art. 2

Statute text

Interest shall be computed and paid by the depository, as follows:

(a)For active deposits upon which interest is payable, interest shall be computed on the average daily balance for the calendar quarter, and shall be paid quarterly.

(b)For inactive deposits, interest shall be computed on a 360-day basis, and shall be paid quarterly.

Legislative history

Amended by Stats. 1992, Ch. 523, Sec. 5.3. Effective January 1, 1993.