§ 22-9-505 - Powers and duties of Treasurer of State. - Arkansas Statutes

22-9-505. Powers and duties of Treasurer of State.

(a) The Treasurer of State shall have the power to enter into a contract or agreement with any state or national bank having a trust department located in Arkansas for the custodial care and servicing of any securities deposited with him or her pursuant to this subchapter.

(b) The services shall consist of the safekeeping of the securities and of all services required to effectuate the purposes of this subchapter.

(c) The Treasurer of State shall collect all interest or income, when due, on the obligations so deposited and shall pay the interest or income, when and as collected, to the contractor who deposited the obligations.

(d) If the deposit is in the form of coupon bonds, the Treasurer of State shall deliver each coupon as it matures to the contractor.