(1) If a qualified depository ceases holding uninsured public funds deposits, the depositorys custodian shall continue to hold the depositorys pledged securities as collateral pursuant to ORS 295.001 to 295.108 for a period of 30 days after the depository ceases holding uninsured public funds deposits, unless the State Treasurer directs the custodian to hold the depositorys pledged securities for a longer period. (2) If any of a qualified depositorys pledged securities matures, expires or otherwise terminates during the period described in subsection (1) of this section, the depository shall provide substitute securities or other collateral until the period expires. (3) If a qualified depository has not held uninsured public funds deposits during the period described in subsection (1) of this section, at the end of the period the depositorys custodian shall return the depositorys pledged securities to the depository.
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