165.241. Deposits, how secured--renewal of deposit agreement. - Missouri Statutes

Deposits, how secured--renewal of deposit agreement.

165.241. On or before ten days after notice to anydepositary of its selection, the depositary shall deliver ordeposit securities in accordance with sections 110.010 and110.020, RSMo, and the securities if delivered to the fiscalofficer of the seven-director school district may be deposited forsafekeeping with any federal reserve bank located in this stateor with any banking institution located in the county andapproved by order of the school board entered of record on itsminutes. If at the time for selecting depositaries it isunlawful for banking institutions to pay interest upon demanddeposits the school board at its option either may selectdepositaries as provided by law or may enter into writtenagreement with any or all depositaries acting as such during thepreceding period for renewal and continuation of the depositaryrelationship for the ensuing period with power and authority torenew and continue the same for successive periods thereafter,subject however to termination as provided by law. The rightsand obligations of the parties and of any trustee joining in arenewal agreement shall be deemed continuous throughout theperiods of the renewals. Each depositary at all times shallmaintain the security in kind and amount required by sections110.010 and 110.020, RSMo, with right in the depositary when notin default to make substitutions thereof and to withdraw interestcoupons therefrom as they mature.

(L. 1963 p. 200 § 6-24)

(Source: RSMo 1959 § 165.430)