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HomeGovernment CodeDiv. 4Pt. 2Ch. 4.5Art. 3§ 16628 Treasurer'S Securities Disposition Authority

§ 16628 Treasurer'S Securities Disposition Authority

Government Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 16628 Treasurer'S Securities Disposition Authority

Key Takeaways

  • •Banks or special companies holding government money must follow the Treasurer's written orders exactly.
  • •They can only do what the Treasurer tells them in writing—nothing extra.
  • •The Treasurer can take back or move the money anytime they want.
  • •If the bank or company messes up, they’re only in trouble if they didn’t follow the written rules.

Example

A big bank is holding money for the state. The Treasurer sends a letter saying, 'Move $1 million to School Fund A.'

The bank must move exactly $1 million to School Fund A—no more, no less. If they move $900,000 by mistake, they’re in trouble because they didn’t follow the written order.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 16628 Treasurer'S Securities Disposition Authority

Any qualified trust company or any federal reserve bank or any branch thereof or the Federal Home Loan Bank of San Francisco to which securities are delivered, either as agent or depositary for the Treasury, shall make such disposition of the securities as the Treasurer directs and is responsible only for strict compliance with written instructions given to it by the Treasurer. All such securities are at all times subject to the order of the Treasurer. (Amended by Stats. 2015, Ch. 25, Sec. 29. (SB 84) Effective June 24, 2015.)

Last verified: January 22, 2026

Key Terms

qualified trust companyfederal reserve bankFederal Home Loan Bank of San FranciscoTreasurersecuritieswritten instructions

Related Statutes

  • § 16626 Treasurer Security Deposit Authority
  • § 16629 Trustee Handling Fees
  • § 16553 Treasurer'S Securities Disposition Authority
  • § 16627 Treasurer'S Security Deposit Receipts
  • § 16551 Treasurer Security Deposit Authority

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Government Code. Section 16628.
View Official Source