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. (1) Accounts previously established and held in investment instruments at the financial institution may not be terminated;
2. (2) Additional contributions may be made to the accounts; and
3. (3) No new accounts may be placed with that financial institution.

Source: SL 2001, ch 97 , § 7.