Section 16605 Of Article 1. General From California Government Code >> Division 4. >> Title 2. >> Part 2. >> Chapter 4.5. >> Article 1.
16605
. Notwithstanding Section 16506, all money belonging to or in
the custody of the state under the control of any state officer or
employee, other than the Treasurer, except petty cash funds
authorized by the Department of Finance, shall be deposited in state
or national banks in this state, state and federal savings
associations in this state, as defined in Section 5102 of the
Financial Code, and credit unions in this state, and under conditions
as the Director of Finance prescribes. Savings and loan associations
or credit unions receiving deposits shall be required to deposit
with the Treasurer the same security as is required by this chapter
for deposits made by the Treasurer.
Savings and loan associations or credit unions receiving deposits
of money from a county advanced or apportioned to it pursuant to
Section 4481 of the Food and Agricultural Code shall be required to
secure deposits in accordance with Article 2 (commencing with Section
53630) of Chapter 4 of Part 1 of Division 2 of Title 5.