A qualified depository institution may substitute insurance or different forms of collateral from time to time without notice to the public depositor or the commission; provided, that any substitute collateral constitutes eligible collateral; and provided, further, that no substitution of insurance or collateral shall cause the depository institution to cease being a qualified depository institution.
R.I. Gen. Laws § 35-10.1-4
Substitution of collateral
Known as the Rhode Island Collateralization of Public Deposits Act
The act spans §§ 35-10.1-1 to 35-10.1-9 (11 sections).
P.L. 1991, ch. 44, art. 74, § 1.
Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.