72 Pa. Stat. § 3812
Current through Pa Acts 2024-53, 2024-56 through 2024-92
The state treasurer before making such deposits shall require each bank, banking institution or trust company to give a good and sufficient bond, containing a warrant of attorney to confess judgment in favor of the commonwealth in double the amount of the contemplated deposit, with sureties to be approved by the board of revenue commissioners of the commonwealth of Pennsylvania, and no deposit shall at any time be greater than one-half of the amount of the bond furnished by said depository. And, further, the said bond or bonds so given shall include a special obligation to settle with and pay to the state treasurer, for the use of the commonwealth, the amount of interest as it shall become due, semiannually.
72 P.S. § 3812