§ 42-10-23 - Deposit banks. - Rhode Island Statutes

SECTION 42-10-23

   § 42-10-23  Deposit banks. – (a) The general treasurer shall designate the banks or trust companies in whichall monies of the state, including pension funds, shall be deposited, and maychange the banks and trust companies previously designated.

   (b) The general treasurer may designate a bank or trustcompany which does not meet the criteria set forth in subsection (a) if it isdetermined that the deposit of state monies in that bank or trust company isnecessary to obtain essential services which are not reasonably obtained fromanother bank or trust company. If the general treasurer finds that a bank ortrust company previously designated as a depository of state monies hasviolated the criteria set forth in subsection (a), he or she shall give thebank or trust company an opportunity to be heard on this finding. Ifthereafter, it is concluded that the criteria has been violated, thirty days'notice shall be given to the bank or trust company that its designation shallbe terminated as of the expiration of the thirty (30) days.