4-6A-14. Payment of assessments by depositories--Liquidation of collateral on failure to pay.
66 words·~1 min read·
/sd/title-4/chapter-4-6/4-6a-14A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Assessments made by the Public Deposit Protection Commission pursuant to § 4-6A-13 shall be payable on the second business day following demand, and in case of the failure of any qualified public depository so to pay, the commission shall forthwith take possession of the securities segregated as collateral by such depository pursuant to this chapter and liquidate the same for the purpose of paying such assessment.