Section 16009.5.1 - Order Not to Release Security-IssuanceThe Administrator may order an agent of depository which holds a security for the purpose of securing a secured local agency deposit in a depository not to release any such security whenever:
(a) In case such depository is a state bank, the Superintendent of Banks of the State of California takes possession of the business and property of, or appoints a conservator of, such depository.(b) In case such depository is a national bank, the Comptroller of the Currency of the United States appoints a receiver or a conservator for such depository.(c) In case such depository is a state savings and loan association, the Savings and Loan Commissioner of the State of California takes possession of the property, business, and assets of, or appoints a conservator of, such depository.(d) In case such depository is a federal savings and loan association, the Federal Home Loan Bank Board appoints a receiver or conservator for such depository.Cal. Code Regs. Tit. 2, § 16009.5.1
1. Amendment filed 10-8-76 as an emergency; effective upon filing (Register 76, No. 41).
2. Certificate of Compliance filed 2-4-77 (Register 77, No. 6).