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Effective Jan 1, 2020Added by Stats. 2019, Ch. 442, Sec. 16. (AB 857) Effective January 1, 2020.
- (a) A public bank shall obtain and maintain deposit insurance provided by the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act (12 U.S.C. Sec. 1811 et seq.).
- (b) In seeking and retaining insurance, a public bank may do all things and assume and discharge all obligations required of it that are not in conflict with state law.