30.250. Contract with depositary, terms and conditions.
481 words·~2 min read·
/mo/chapter-30/30-250A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
30.250. Contract with depositary, terms and conditions. — 1. The state treasurer shall enter into a written contract with each depositary setting forth the conditions and terms upon which the moneys of the state are deposited therewith and containing among its provisions and conditions the following:
(1)The amount of the moneys of the state to be entrusted to each depositary;
(2)With respect to demand deposits, the time such contract shall continue with the right reserved to each the state treasurer and the depositary to terminate the contract at any time upon giving ninety days' notice to the other party of his or her or its intention to do so;
(3)With respect to time deposits, the conditions as to time and notice which need be given in regard to withdrawals and the rate of interest which the depositary shall be obligated to pay;
(4)Provisions requiring that the depositary shall:
(a)Safely keep such deposits;
(b)Pay demand deposits on the state treasurer's demand therefor; and
(c)Pay time deposits only in accordance with the contract with the depositary;
(5)That such depositary shall secure the state moneys with the amount and character of securities provided for in section 30.270 , such securities to be held at the expense of the depositary;
(6)That no item of security deposited by a depositary under the terms of the contract shall be withdrawn without the written consent of the state treasurer; and that otherwise the representatives of the state of Missouri shall have the rights prescribed by sections 30.270 and 30.280 ;
(7)That the depositary shall, at times specified by the state treasurer, render a statement showing the daily activity in the account;
(8)That in the event the depositary shall default in any manner in performing any of the terms and conditions of the contract, or shall fail to keep safely the moneys of the state deposited with it, the state treasurer shall be authorized forthwith without notice, advertisement or demand, and at public or private sale, to convert into money the securities deposited, or as many of them as may be necessary to pay the whole amount of the state deposits in such depositary; and
(9)The contract for state funds may be for a period of up to five years.
2. Upon the execution of such contracts the state treasurer shall deliver a copy thereof to the governor, a copy thereof to the state auditor, a copy thereof to the depositary, shall file another copy with the secretary of state, and shall retain the contract in his own office.
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(RSMo 1939 § 13087, A.L. 1945 p. 1977 § 35, A. 1949 S.B. 1013, A.L. 1957 p. 484, A.L. 1973 S.B. 89, A.L. 1983 H.B. 389, A.L. 1988 H.B. 1260, A.L. 2005 S.B. 270)
Prior revisions: 1929 § 11470; 1919 § 13380; 1909 § 11881
Effective 5-13-05