131.002 – DUTIES OF SPECIAL DEPOSITORY. The special
Texas Local Government Code § 131.002
Summary
This law outlines the responsibilities of a special depository regarding public funds when a bank is suspended. It mandates that the depository must pay the amount owed to the local government authority as specified in their contract.
Special depository must pay suspended bank's public funds amount.
Payment includes interest up to the suspension date.
Payments are made according to the contract with local government.
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In simple terms: Learn about Texas's DUTIES OF SPECIAL DEPOSITORY. The special law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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