Session Laws

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Chapter 29 of the General Laws is hereby amended by striking out section 34A, as appearing in the 1984 Official Edition, and inserting in place thereof the following section:-

Section 34A. The state treasurer may deposit any portion of the public monies in his possession and funds over which the commonwealth has exclusive control in savings banks as defined in chapter one hundred and sixty-eight, in co-operative banks as defined in chapter one hundred and seventy, subject, however, to the limitations set forth in chapter one hundred and sixty-seven D, or in federal savings banks, and in federal savings and loan associations lawfully doing business in the commonwealth for one year or more. The amount deposited hereunder shall not exceed the amount covered by deposit insurance unless collateral, deemed satisfactory by the state treasurer, is pledged.

SECTION 2. Said chapter 29 is hereby further amended by striking out section 34A, as amended by section 1 of this act, and inserting in place thereof the following section:-

Section 34A. The state treasurer may deposit any portion of the public monies in his possession and funds over which the commonwealth has exclusive control in savings banks as defined in chapter one hundred and sixty-eight or in co-operative banks as defined in chapter one hundred and seventy for one year or more, subject, however, to the limitations set forth in chapter one hundred and sixty-seven D and in federal savings and loan associations lawfully doing business in the commonwealth for one year or more which shares and accounts are insured by the Federal Savings and Loan Insurance Corporation, but the amount so invested in any one association shall not exceed the amount covered by such insurance.

SECTION 3. Section two of this act shall take effect on December thirty-first, nineteen hundred and eighty-eight.