Section 53659 Of Article 2. Deposit Of Funds From California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 4. >> Article 2.
53659
. Whenever an agent of depository accepts securities pursuant
to Section 53656 it may, with the authorization of the depository,
place such securities for safekeeping with a Federal Reserve Bank or
branch thereof or with any bank located in a city designated as a
reserve city by the Board of Governors of the Federal Reserve System
or with the Federal Home Loan Bank of San Francisco or with a trust
company located in this state. Authority for such placement together
with the names of the banks or, including the Federal Home Loan Bank
of San Francisco, trust companies to be so used, shall be contained
in the contract between the treasurer and the depository required in
Section 53649.