P.R. Laws tit. 29, § 558

2019-02-20 00:00:00+00

§ 558. Public Employment Service—Funds secured by depositary bank

Moneys belonging to the Employment Service Administration Fund pursuant to the provisions of § 557 of this title shall be secured by the depositary bank by collateral in the full amount of the funds on deposit. Such security shall consist of:

(a) United States Government obligations, direct or guaranteed, and

(b) direct obligations of Puerto Rico. Such collateral security shall be pledged at not to exceed the face value of the obligation, and shall be kept separate and distinct from any collateral security pledged to secure other funds of Puerto Rico.

History —Dec. 20, 1950, No. 12, p. 356, § 8.