13-63-7. Conditions applicable to nonrenewed contracts.
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) Accounts previously established and held in investment instruments at the financial institution may not be terminated;
(2) Additional contributions may be made to the accounts; and
(3) No new accounts may be placed with that financial institution.
Source: SL 2001, ch 97, § 7.
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