Section 13-63-7 - Conditions applicable to nonrenewed contracts

13-63-7. Conditions applicable to nonrenewed contracts.If a contract executed between the council and a financial institution pursuant to this chapter is not renewed, all of the following conditions apply at the end of the term of the nonrenewed contract:(1)Accounts previously established and held in investment instruments at the financial institution may not be terminated;(2)Additional contributions may be made to the accounts; and(3)No new accounts may be placed with that financial institution. Source: SL 2001, ch 97, §7.