Section 41-14-2

Application for designation action upon default or insolvency.

Before any bank or savings association shall be designated as a state depositary, it shall be designated as a qualified public depository under Chapter 14A of this title, and it shall file with the State Treasurer an application in writing to be designated as a state depositary under the terms of this article.

Such qualified public depository shall accompany such application with a statement, verified by the affidavit of its president or other executive head, setting forth the amount of its paid-in capital stock, the amount of its surplus and undivided profits, its principal place of business, the length of time it has been engaged in business and its assets and liabilities at the time of making application.

In the event of the default or insolvency, as defined in Section 41-14A-2, of any state depository, the State Treasurer shall take prompt action to enforce the rights of the state and the State Treasurer as a public depositor under Chapter 14A of this title.

(Code 1907, §642; Code 1923, §892; Acts 1939, No. 195, p. 349; Code 1940, T. 55, §380; Acts 1943, No. 14, p. 17, §1; Acts 1947, No. 411, p. 301, §1; Acts 1990, No. 90-638, p. 1172, §1; Act 2000-748, p. 1669, §2.)