(a) A rural development authority may, by resolution, provide that all moneys deposited by it shall be secured by:
(1) Obligations of the United States or of the state of a market value equal at all times to the amount of the deposits; or
(2) Any securities in which savings banks may legally invest funds within their control; or
(3) An undertaking with such sureties as shall be approved by the authority faithfully to keep and pay over upon the order of the authority any such deposits and agreed interest on them.
(b) All banks and trust companies are authorized to give any such security for such deposits.
Section: Previous 14-188-109 14-188-110 14-188-111 14-188-112 14-188-113 14-188-114 14-188-115 14-188-116 14-188-117 14-188-118 14-188-119 14-188-120 14-188-121 14-188-122 NextLast modified: November 15, 2016