Section 41-14A-3Public deposits to be secured.
(a) On and after January 1, 2001:
(1) All public deposits of all covered public entities and covered public officials shall be governed by this chapter and shall be secured as provided in this chapter.
(2) All public depositors shall, notwithstanding any other laws to the contrary, place their public deposits with one or more qualified public depositories in accordance with this chapter.
(3) All financial institutions shall file the reports required by this chapter or by rule, regulation, or order of the board of directors and all financial institutions accepting any public deposits shall be a qualified public depository and shall comply with all provisions of this chapter, including, without limitation, the collateral pledging requirements of Section 41-14A-5.
(b) Funds held solely for the purpose of paying registrars or paying agents are exempt from the requirements of this chapter.
(Act 2000-748, p. 1669, §1.)
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