Section 21 Collateral or security for deposit - Massachusetts Statutes

Section 21. No bank shall give collateral or other security for a deposit of money received in its banking department, except that such bank may make such a deposit of securities as may be required by the laws of the United States or the rules and regulations of any department, agency or instrumentality thereof as security for deposits of funds made with such bank and may give such collateral or other security for deposits of public or other funds as may be required by any public authority making such deposits or controlling the terms upon which they may be made and except as provided in section eight of chapter one hundred and sixty-seven G.