§ 16553 Treasurer'S Securities Disposition Authority

• •Banks or trust companies holding government securities must follow the Treasurer's written instructions exactly.
• •They are only responsible for doing what the Treasurer tells them in writing, nothing more.
• •The Treasurer can take back or move these securities anytime they want.

A bank is holding government bonds for safekeeping.

If the Treasurer sends a written note saying, 'Move these bonds to another bank,' the bank must do it right away. If they don’t, they’re in trouble. But if they follow the note exactly, they’re safe.