PRINTER'S NO. 1253
No. 1006 Session of 2001
INTRODUCED BY RHOADES, TARTAGLIONE AND BOSCOLA, JUNE 21, 2001
REFERRED TO FINANCE, JUNE 21, 2001
AN ACT
1 Amending the act of May 21, 1923 (P.L.288, No.184), entitled "An
2 act to better secure all bonds, stocks, mortgages, or other
3 securities deposited with the State Treasurer, by providing
4 for their inspection, examination, and verification, and the
5 verification of the books, containing a record of such bonds,
6 stocks, mortgages, or other securities, by the Auditor
7 General or his agents," further providing for audits of
8 securities deposited with the State Treasurer.
9 The General Assembly of the Commonwealth of Pennsylvania
10 hereby enacts as follows:
11 Section 1. Section 1 of the act of May 21, 1923 (P.L.288,
12 No.184), entitled "An act to better secure all bonds, stocks,
13 mortgages, or other securities deposited with the State
14 Treasurer, by providing for their inspection, examination, and
15 verification, and the verification of the books, containing a
16 record of such bonds, stocks, mortgages, or other securities, by
17 the Auditor General or his agents," amended April 22, 1986
18 (P.L.86, No.31), is amended to read:
19 Section 1. Be it enacted, &c., That the Auditor General,
20 through such agents as he may select, shall[, at his discretion,
21 but not less than annually, examine] annually perform an audit
1 of all the bonds, stocks, mortgages, or other securities, which
2 under the law are deposited with the State Treasurer in whatever
3 capacity, and shall verify the books in which a record is kept
4 of all such bonds, stocks, mortgages, or other securities; and,
5 for this purpose, the Auditor General is hereby authorized to
6 employ such consultants, experts, accountants, or investigators
7 as he may deem advisable. The annual audit shall be conducted
8 pursuant to generally accepted auditing standards. A record of
9 the results and date of such examination and verification shall
10 be made in a book or books kept for this purpose in the office
11 of the Auditor General.
12 Section 2. Section 2 of the act is amended to read:
13 Section 2. The State Treasurer shall, whenever demand is
14 made upon him by the Auditor General, submit for the inspection
15 and [examination] audit of the Auditor General, or his agents,
16 all records in his possession relating to such bonds, stocks,
17 mortgages, or other securities [and the books containing the
18 record thereof] including such records in the possession of any
19 custodian or subcustodian engaged by him regarding such
20 securities, and his failure so to do shall disqualify him from
21 holding his said office.
22 Section 3. This act shall take effect immediately.
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