State Codes and Statutes
Statutes > Rhode-island > Title-19 > Chapter-19-3-1 > 19-3-1-9SECTION 19-3.1-9
§ 19-3.1-9 Certificates of deposit –Interest and income – Substitution of securities. – Upon the receipt by the general treasurer of the securities from the financialinstitution, the general treasurer shall give to the financial institution acertificate stating the securities and amount of each. The general treasurershall at all times pay over to the financial institution any interest receivedupon the deposited securities, and shall at all times permit the institution,by its treasurer or other authorized agent, to examine the securities, toreceive all coupons on the securities, as they shall mature, and to collect forthe use of the financial institution all interest due on the securities. Thegeneral treasurer shall also permit the financial institution to retire anydeposited securities on substituting other securities of the classes mentionedabove, to an amount that the market value of the whole deposit shall not beless than the amount required by this title.
