The Laws of Texas, 1931-1933 [Volume 28] Page: 493 of 2,111
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FORTY-THIRD LEGISLATURE-REGULAR SESSION. 63
Approved March 10, 1933.
Effective March 10, 1933.
AMENDING ARTICLE 2530, R. C. S., RELATING TO SAFEKEEPING
OF SECURITIES DEPOSITED WITH
STATE DEPOSITORY BOARD.
S. B. No. 341.] CHAPTER 33.
An Act to amend Article 2530, Chapter 1, Title 47, Revised Statutes, making
further provision for the safekeeping of securities deposited with the
State Depository Board, as collateral to secure deposits made by said
Board, in State and/or reserve depositories, and authorizing said Board to
rent safety deposit boxes in some bank or banks located in the City of
Austin, and declaring an emergency.
Be it enacted by the Legislature of the State of Texas:
SECTION 1. That Article 2530, Chapter 1, Title 47, Revised
Statutes, be and the same is hereby amended so as to hereafter
read as follows:
"Article 2530. The securities above mentioned shall be delivered
to the Treasurer and receipted for by him, and retained
by him either in the vaults of the State Treasury and/or in
some safety deposit box or boxes in some bank located in the
City of Austin, and if, in any case, or at any time, such bonds
or other securities are not satisfactory security in the opinion
of the Board for the deposits made under this chapter, they
may require such additional security to be given as will be
satisfactory to them. Said Board shall, from time to time,
inspect such bonds and see that the same are actually kept in
the vaults of the State Treasury and/or in a safety deposit box
or boxes in some bank located in the City of Austin. The
Board is hereby authorized to rent from one or more banks
located in the City of Austin suitable safety deposit boxes for
the purpose of depositing the securities herein mentioned
which deposit boxes so rented shall at all times be controlled
exclusively by the State Treasurer. In the event that any State
depository shall fail to pay deposits or any part thereof on the
check of the Treasurer, he shall have the power to forthwith
realize upon such bonds or other securities deposited by said
bank, and disburse the money arising therefrom, according to
law, upon the warrants drawn by the Comptroller upon the
funds for which said bonds or other securities are secured.
Any bank making deposits of bonds or other securities with
the Treasurer under the provisions of this chapter may cause
such bonds or other securities to be endorsed or stamped, as
they may deem proper, so as to show that they are deposited as
collateral and not transferable, except as herein provided. The
right of substitution of securities shall be granted to deposi-
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1931-1933 [Volume 28], book, 1933; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth17293/m1/493/: accessed May 6, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .