Section 1501 Of Article 1. Deposit Account From California Unemployment Insurance Code >> Division 1. >> Part 1. >> Chapter 6. >> Article 1.

. The director may in accordance with law deposit for the purpose of clearance by the director all money collected under this division, in a state or national bank in this state. After clearance the money so deposited shall be deposited in the State Treasury to the credit of the proper fund as prescribed in this division.