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.