The Treasury Department shall deposit all moneys of the Commonwealth received by it,
including moneys not belonging to the Commonwealth but of which the Treasury Department
or the State Treasurer is custodian, in State depositories approved by the Board of
Finance and Revenue. The Treasury Department shall not be required to deposit or to keep on deposit moneys
of the Commonwealth segregated by funds in State depositories.
The Treasury Department shall not, at any time have in all active depositories more
than an aggregate of such total sum as the Board of Finance and Revenue shall, by
resolution, have prescribed, and shall not deposit in any one inactive depository
an amount in excess of twenty-five per centum of its paid-in capital and surplus,
nor in excess of five hundred thousand dollars: Provided, however, That in the case
of any particular depository, these limitations may be waived by the Board of Finance
and Revenue, so as to permit the State Treasurer to deposit State moneys, not in excess
of one million dollars, in any bank, banking institution, or trust company designated
as an inactive depository.
All departments, boards or commissions, having in their possession any moneys belonging
to the Commonwealth, shall deposit them in State depositories approved by the Board
of Finance and Revenue in a manner and with such frequency as shall be prescribed
by the State Treasurer. In all such cases the depositing department, board or commission shall forthwith,
upon opening the account, notify the Department of the Auditor General and the Treasury
Department of the name of the depository and the nature of the funds to be deposited
in the account.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.