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California Law (Last Updated: March 4, 2014) |
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Government Code - GOV |
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Title 2. GOVERNMENT OF THE STATE OF CALIFORNIA |
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Division 4. FISCAL AFFAIRS |
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Part 2. STATE FUNDS |
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Chapter 4. Bank Deposits |
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ARTICLE 1. General |
Section 16500.5.
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(a) The definitions in Section 1700 of, and Chapter 1 (commencing with Section 99) of Division 1 of, the Financial Code apply to this section.
(b) In this chapter, for purposes of being an eligible bank for the safekeeping of moneys belonging to, or in the custody of, the state, the phrases "state or national bank located in this state," "state or national bank," "state or national bank in this state," and "state or national banks in the state" shall include, without limitation, any of the following:
(1) Any California branch office of a foreign (other state) state bank that the bank is authorized to maintain under the law of its domicile and federal law.
(2) Any California branch office of a foreign (other state) national bank that the bank is authorized to maintain under federal law.
(3) Any California branch office of a foreign (other nation) bank that the bank is licensed to maintain under Article 3 (commencing with Section 1750) of Chapter 13.5 of Division 1 of the Financial Code.
(4) Any California federal branch of a foreign (other nation) bank that the bank is authorized to maintain under federal law.