Section 303. Securities.--The Treasury Department shall--
(a) Safely keep all securities delivered to it, or to the State Treasurer as custodian thereof, by any department, board, or commission, under authority of any act of Assembly;
(b) From time to time, collect dividends, interest, or any other income accruing on such securities, and credit the proceeds of such collections to the proper fund;
(c) In proper cases, surrender such securities for redemption, and credit the proceeds thereof to the proper fund;
(d) Upon receipt of written authorization from the department, board, or commission, which deposited them, make delivery of any such securities lawfully sold by such department, board, or commission;
(e) Safely keep all short-term obligations of the United States government, purchased under the provisions of this act from time to time, collect interest or other income accruing on such short-term obligations, and credit the same to the proper funds;
(f) From time to time, to advise the Department of Revenue, and the departments, boards, or commissions affected, of amounts credited to any funds hereunder.
The Treasury Department is authorized to carry such insurance against the loss of all or any cash and securities, of which it or the State Treasurer is custodian, through theft, burglary or otherwise, and such insurance to cover forgeries of all kinds on checks, drafts, warrants, and requisitions, as the department shall deem advisable. The Treasury Department is also authorized to make settlement for, to take delivery of, and to have held for the account of the funds out of which purchased, any of the short-term obligations of the United States Government which may be purchased under the terms of this act, at the Federal Reserve Bank of Philadelphia, or the Pittsburgh branch of the Federal Reserve Bank of Cleveland.
The Treasury Department is authorized to contract and participate, either directly or indirectly, with the Depository Trust Company, or a similar depository company, for the deposit of securities and the execution of securities transactions. (Par. added July 1, 1981, P.L.187, No.54)
(303 amended Apr. 30, 1943, P.L.138, No.70)
Compiler's Note: Section 6(d) of Act 57 of 1998 provided that nothing in Act 57 shall repeal, modify or supplant section 303.
Compiler's Note: Section 2(a) of Act 577 of 1965 provided that section 303 is repealed insofar as it authorizes the contracting of insurance for any State agency or authority through an insurance broker other than the Secretary of Property of Supplies (now Secretary of General Services).