67-2745. DUTY OF TREASURER UPON RECEIPT OF NOTICE OF CANCELLATION. Upon receiving the notice of cancellation hereinbefore provided for, the state treasurer shall cease to make any further deposits in said depository, unless and until it is reinstated by the department of finance and he shall give immediate notice to said depository of his intention to withdraw all time deposits after the expiration of the period fixed by said notice, which period shall be in accordance with the agreement in respect thereto made at the time of the deposit.
He shall withdraw all checking deposits before the expiration of ninety (90) days from the receipt of said notice of cancellation. Such withdrawals shall be made at such times and in such amounts as the treasurer shall deem advisable, subject to the supervisory control of the department of finance, but in no case shall he fail within ten (10) days after receipt of said notice to withdraw at least 25 per cent of the pro rata amount of the treasurer’s deposit secured by said bond and to withdraw at least 25 per cent of said amount during every 25-day period thereafter until the whole amount has been withdrawn.
History:
[(67-2745) R.C., sec. 131b, as added by 1915, ch. 168, sec. 10, p. 387; reen. C.L. 13:26; C.S., sec. 326; am. 1925, ch. 190, sec. 11, p. 349; I.C.A., sec. 65-2643.]