---
title: O.C.G.A. § 50-17-54. Monitoring financial condition of depositories; action in case of insolvency of depository.
collection: code
id: 50-17-54
cite_as: O.C.G.A. § 50-17-54 (2025)
canonical_url: https://georgiacommons.org/code/50-17-54
md_url: https://georgiacommons.org/code/50-17-54.md
text_url: https://georgiacommons.org/code/50-17-54/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t50-ch13-40-(v38a)-2021-pdf.pdf?sfvrsn=1209d23f_0#page=275
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
up: https://georgiacommons.org/code/50-17.md
previous: https://georgiacommons.org/code/50-17-53.md
next: https://georgiacommons.org/code/50-17-55.md
index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: STATE GOVERNMENT / STATE DEBT, INVESTMENT, AND DEPOSITORIES / STATE DEPOSITORIES
---

# O.C.G.A. § 50-17-54. Monitoring financial condition of depositories; action in case of insolvency of depository.

It shall be the duty of the board to keep itself advised, from time to time, of the financial condition of the various state depositories, as well as of the financial condition and standing of the securities on the bonds of the depositories; and, if at any time the board should become satisfied as to the insolvency of any of the depositories or that the affairs of any of the depositories are in an embarrassed financial condition, it shall be the duty of the board to direct the state treasurer to withdraw the money of the state from such depository. In case the board should be advised of the insolvency of the securities on the bond of any of the depositories, it shall be the duty of the state treasurer to notify the depository to strengthen the bond; and if, at the end of ten days, the bond is not strengthened, it shall be the duty of the board to direct the state treasurer to withdraw the money of the state from such depository. In either event, the board may also withdraw designation as a state depository.

## History

Ga. L. 1882-83, p. 138, § 2; Civil Code 1895, § 987; Civil Code 1910, § 1254; Code 1933, § 100-106; Ga. L. 1949, p. 13, § 8; Ga. L. 1971, p. 553, § 5; Ga. L. 1973, p. 149, § 5; Ga. L. 2010, p. 863, § 4/SB 296.