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Statutes > Kentucky > 041-00 > 220

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</p> <p>41.220 State depository banks &#8212; How selected &#8212; Change.<br /> (1) Not less than three (3) solvent banks shall be designated as depositories for state<br /> funds. Each bank designated shall have not less than the minimum capital stock as <br />required in KRS 286.3-070. Banks shall be designated as depositories for state <br />funds upon agreement of the State Treasurer and the secretary of the Finance and <br />Administration Cabinet. Those designated shall be entered in the executive journal. <br />If at any time it appears that the capital of any depository has become impaired, the <br />state&#8217;s deposits shall be withdrawn and another depository named.<br /> (2) The State Treasurer and the secretary of the Finance and Administration Cabinet<br /> shall determine the needs for moving state funds from one (1) designated depository <br />to another.<br /> Effective: July 15, 1998 <br />History: Amended 1998 Ky. Acts ch. 196, sec. 27, effective July 15, 1998. &#8212; Amended<br /> 1956 (1st Extra. Sess.) Ky. Acts ch. 7, Art. XVI, sec. 18, effective July 1, 1956. &#8212; <br />Amended 1948 Ky. Acts ch. 115, sec. 1. &#8212; Recodified 1942 Ky. Acts ch. 208, sec. 1, <br />effective October 1, 1942, from Ky. Stat. secs. 1992b-44, 4692.<br /> Legislative Research Commission Note (7/12/2006). 2006 Ky. Acts ch. 247 instructs<br /> the Reviser of Statutes to adjust KRS references throughout the statutes to conform <br />with the 2006 renumbering of the Financial Services Code, KRS Chapter 286. Such <br />an adjustment has been made in this statute. </p> <p>