Section 13-63-8 - Termination of contract for good cause--Transfer of accounts

13-63-8. Termination of contract for good cause--Transfer of accounts.The council may terminate a contract with a financial institution at any time for good cause. If a contract is terminated, the council shall take custody of accounts held at that financial institution and shall seek to promptly transfer the accounts to another financial institution that is selected as a program manager and into investment instruments as similar to the original investments as possible. Source: SL 2001, ch 97, §8.