[Code of Federal Regulations]
[Title 20, Volume 3]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 20CFR703.307]

[Page 914]
 
                      TITLE 20--EMPLOYEES' BENEFITS
 
  CHAPTER VI--EMPLOYMENT STANDARDS ADMINISTRATION, DEPARTMENT OF LABOR
 
PART 703--INSURANCE REGULATIONS--Table of Contents
 
Sec. 703.307  Deposits of negotiable securities with Federal Reserve banks or the Treasurer of the United States; authority to sell such securities; interest 
          thereon.

    Deposits of securities provided for by the regulations in this part 
shall be made with any Federal Reserve bank or any branch of a Federal 
Reserve bank designated by the Office, or the Treasurer of the United 
States, and shall be held subject to the order of the Office with power 
in the Office, in its discretion in the event of default by the said 
self-insurer, to collect the interest and the principal as they may 
become due, to sell the securities or any of them as may be required to 
discharge the obligations of the self-insurer under said Act and to 
apply the proceeds to the payment of any compensation or medical expense 
for which the self-insurer may be liable. The Office may, however, 
whenever it deems it unnecessary to resort to such securities for the 
payment of compensation, authorize the self-insurer to collect interest 
on the securities deposited by him.

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