Any financial institution may become a depositary upon approval by the commission and segregation of collateral in the manner as set forth in this chapter, and upon compliance with all rules as promulgated by the commission. For the first twelve-month period following qualification as a public depositary, the depositary shall at all times pledge and segregate eligible securities in an amount equal to not less than ten percent of all public funds on deposit in the depositary.

[1996 c 256 § 13; 1984 c 177 § 17; 1983 c 66 § 15; 1975 1st ex.s. c 77 § 6.]

NOTES:

     Severability -- 1983 c 66: See note following RCW 39.58.010.