All government entities’ funds shall be deposited in financial institutions that can answer with sufficient collateral, made up of previously-selected securities pursuant to the regulations approved by the Secretary.The financial institutions shall be previously designated by the Secretary as depositaries of public funds, but in the case of savings and credit unions, the designation shall be made by the Secretary in consultation with the Inspector of Cooperatives. The designation as depositary of public funds shall be made through the execution of a contract between the Secretary and the financial institution.Funds under the custody and at the disposal of any official of a government entity shall be deposited in the financial institution that is the depositary of public funds selected by the respective official. History —Aug. 14, 1991, No. 69, § 1.3.
Puerto Rico Legal Code