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Legal Resources | Government Code |  GC  53658  

Financial Affairs; Deposit of Funds   

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An agent of a depository may hold and pool securities to secure deposits for one or more depositories pursuant to Section 53656, but shall maintain a separate pool for each said depository. Each local agency shall have an undivided security interest in the pooled securities in the proportion that the amount of its deposits bears to the total amount of deposits secured by pooled securities.

(Amended by Stats. 1970, Ch. 84, Sec. 3.)