The comptroller may designate from time to time, for such period of the fiscal year as he deems advisable and for the best interests of the city, one or more of the depositaries selected in accordance with law as an active bank or active banks and to rescind such selection or selections at any time when in his judgment such change should be made, but no bank shall be selected as an active bank unless its aggregate capital stock and surplus at the time it is accepted as a city depositary is $500,000.00 or more.
(Prior code § 7-36)