§ 19-3-507 - Bank depositories generally. - Arkansas Statutes

19-3-507. Bank depositories generally.

(a) (1) Subject to the conditions and limitations provided in 19-3-508 -- 19-3-517, any bank or savings and loan association as outlined in 19-3-502(1) and (21) may be designated as a depository of State Treasury moneys.

(2) The Treasurer of State, as custodian of such funds, shall be guided by these provisions in the handling and safeguarding of such funds any other law to the contrary notwithstanding.

(b) Nothing contained in 19-3-508 -- 19-3-517 shall be so construed as to require any institution to act as a depository of State Treasury funds. However, the acceptance of a deposit of State Treasury funds by any institution shall carry with it the obligation of the institution to observe all of the provisions of 19-3-508 -- 19-3-517 which are applicable to eligible depositories.