Section R20-5-714. Securities Deposited with the Arizona State Trea- surer

A.      Any securities deposited with Arizona State Treasurer under R20-5-713(E) shall be registered as follows: “The Industrial Commission of Arizona, in trust for the fulfillment by (name of pool), of (name of pool’s) obligations under the Arizona Workers’ Compensation Act.”

B.       The securities shall be held by the State Treasurer, as custo- dian, subject to the order of and in trust for, the Industrial Commission of Arizona.

C.      The Commission shall have the following powers with regard to securities held by the State Treasurer:

1.        To collect or order the collection of the securities as they become due;

2.        To sell or order the sale of the securities, or any part of the securities; and

3.        To apply or order the application of the proceeds of the sale of securities, to the payment of any award rendered against the pool in the event of a default in the payment of a pool’s obligations under the Arizona Workers’ Com- pensation Act.

D.      The Commission shall remit, upon request from a pool that has deposited securities for transmittal to the State Treasurer, inter- est coupons on securities as they mature.

Historical Note

Adopted effective September 9, 1998 (Supp. 98-3).