2006 Massachusetts Code - Chapter 29 — Section 34A. Deposit of commonwealth money.

[ Text of section effective until July 1, 2006. Repealed by 2006, 139, Sec. 39. See 2006, 139, Sec. 132.]

  Section 34A. The state treasurer may deposit any portion of the public monies in his possession and funds over which the commonwealth has exclusive control in savings banks as defined in chapter one hundred and sixty-eight or in co-operative banks as defined in chapter one hundred and seventy for one year or more, subject, however, to the limitations set forth in chapter one hundred and sixty-seven D and in federal savings and loan associations lawfully doing business in the commonwealth for one year or more which shares and accounts are insured by the Federal Savings and Loan Insurance Corporation, but the amount so invested in any one association shall not exceed the amount covered by such insurance. The state treasurer shall not make such deposits in any state-chartered bank having a descriptive rating of (d) or (e) under section fourteen of chapter one hundred and sixty-seven or any federally insured depository institution having an assigned rating of (C) or (D) under section 807(b)(2) of the Community Reinvestment Act of 1977, 12 USC 2901 et seq.