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PDF versionSECTION 1. That the Clerks and Masters of the Chancery Courts of all counties in Tennessee having a population of 300,000 or more, by the Federal Census of 1930, or any subsequent Federal Census, are hereby authorized and required to contract with a solvent Bank or solvent Banks situated in such counties for the payment of interest on the daily bank balances of such Clerks and Masters to such Officer; provided, however, that nothing in this Act shall be construed to in any way relieve or diminish the duty and present legal liability of such Officers of selecting a solvent Bank or Banks as the depository of and for all funds and monies coming into his possession; provided further, that the Chancellor or Chancellors of such Chancery Courts may by proper order for any cause or reason deemed sufficient, relieve such Clerks and Masters of the duty of contracting for such interest as is herein provided.
SECTION 2. That all the interest so received by such Clerks and Masters as provided for in Section 1 of this Act, shall be held and disbursed by said Officer under and in accordance with the terms and provisions of Sections 10725 to 10730, inclusive, Chapter 13, Title 12 of Part III of the Code of Tennessee of 1932, providing for compensation of Officers and the disbursement of excess fees, emoluments, etc. by Clerks and Masters and other public officials therein named.
SECTION 3. That all laws and parts of laws in conflict herewith are hereby repealed.
SECTION 4. That this Act shall take effect from and after its passage, the public welfare requiring it.
Passed: April 16, 1935.