1998 Minnesota Statutes

     198.265 Depository accounts. 

    The board may accept money from residents for safekeeping 
 purposes to be returned to such residents on demand.  Sufficient 
 money shall be retained at the homes to satisfy normal demand 
 withdrawal requests of the residents and other anticipated 
 needs.  Residents' deposits shall otherwise be deposited in the 
 state treasury to a separate investment account provided by the 
 commissioner of finance, which shall be invested by the state 
 board of investment in accordance with section 11A.21.  
 Residents' money on deposit in this account may be placed in 
 this account only after the member has signed an agreement that 
 the resident is willing to have the money in an account that 
 does not draw interest directly to the resident personally.  

    There is annually appropriated from the account established 
 by this section a sufficient amount to return to the Minnesota 
 veterans homes, upon written request, sufficient money to 
 satisfy the demand of residents for the return of their money 
 and other requirements.  

    The interest earned from the investment of the deposits is 
 annually appropriated to the commissioner from the account 
 established by this section to be used by the board only for the 
 direct benefit of the residents of the homes, and the interest 
 shall be available to the homes not less than twice each year.  

    HIST: 1969 c 1153 s 15; 1971 c 619 s 16; 1973 c 492 s 14; 1975 
 c 61 s 25; 1980 c 607 art 14 s 46; 1986 c 444; 1988 c 699 s 24