Iowa Admin. Code r. 781-13.9 - Suspension or termination of approved custodian designation
(1) An approved custodian may request in
writing that the treasurer remove its designation as an approved custodian .
Following such a written request, the Master Custodial Agreement for the
Deposit of Public Funds in Banks shall terminate pursuant to the terms of those
agreements provided; however, no such agreement shall terminate until the
pledging bank (s) has secured the services of another approved custodian and all
pledged collateral has been properly withdrawn and placed in safekeeping with
the successor custodian.
(2) If the
treasurer determines that an approved custodian has violated any provisions of
Iowa Code chapter 12C, or any other documents or agreements as prescribed by
the treasurer , or has failed to fulfill its duties or otherwise committed a
breach or default as set out in the Master Custodial Agreement for the Deposit
of Public Funds in Banks, the treasurer may immediately suspend or terminate an
approved custodian 's designation as an approved custodian . The treasurer shall
provide the suspended or terminated approved custodian with written notice of
its suspension or termination. Upon suspension or termination, each pledging
bank utilizing the services of the suspended or terminated approved custodian
shall immediately secure the services of another approved custodian , and all
pledged collateral shall be immediately withdrawn and placed in safekeeping
with the successor approved custodian .
Notes
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