<br><br>41.220 State depository banks -- How selected -- 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state's deposits shall be withdrawn and another depository named.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. -- Amended <br>1956 (1st Extra. Sess.) Ky. Acts ch. 7, Art. XVI, sec. 18, effective July 1, 1956. -- <br>Amended 1948 Ky. Acts ch. 115, sec. 1. -- 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. <br><br>