The Revenue Commissioners 1 and Banking Commissioner 2 or a majority of them, shall be and are hereby authorized to select as depositories
for State funds private banking institutions, located and doing business in this Commonwealth:
Provided, The same file a statement in writing, to the said Revenue Commissioners
and the Banking Commissioner, that they will subject themselves to the same supervision,
in all regards, as the other depositories named in the foregoing section two. And provided further, That they will, in all regards, comply with the conditions
required of any other depository; and after such selection of any private banking
institution as a depository, the same shall be in all regards subject to such supervision
and restrictions as other depositories selected by the Revenue Commissioners and Banking
Commissioner, and be subject to examination by the State Banking Department and its
examiners, at any time; and it shall be the duty of said Banking Department to make
such examinations at any time after said private banking institutions become State
Now Board of Finance and Revenue in the Treasury Department. See 71 P.S. §§ 12 and
Now Secretary of Banking. See note under 71 P.S. § 66.
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.