06:02:02:07Safekeeping and release of collateral.

No collateral pledged to secure public deposits may be left for safekeeping in a safe deposit vault owned or controlled directly or indirectly by the qualified public depository securing the public deposits. No security in safekeeping or any portion of a security in safekeeping and being called may be released; no surety bond in writing may be canceled, terminated, or surrendered for reissuance; and no letter of credit may be released or transferred without the written consent of the state treasurer and the authorized officer or employee of the qualified public depository.

Source: 13 SDR 37, effective October 9, 1986; 24 SDR 93, effective January 12, 1998.