17:12B-241 - Insured accounts eligible investment for trust and public funds, and savings banks and as security - New Jersey Statutes

17:12B-241.  Insured accounts eligible investment for trust and public funds, and savings banks and as security
    All public funds, including those of the State of New Jersey, or any county  or municipality or other political subdivision of New Jersey, and those in the  control or possession of any public board or official, and all trust funds of  every character in the control or possession of any fiduciary or other person  or corporation, may, without any order of any court, be invested in one or more  accounts in any insured association whose principal office is located in New  Jersey in any amounts up to, but not exceeding, the amounts for which such  accounts are insured, or 25% of the total reserves and undivided profits of the  association, whichever is greater.  Any savings bank may invest in one or more  accounts in any such association in any amounts up to, but not exceeding, the  amounts for which such accounts are insured, or 25% of the total reserves and  undivided profits of the association, whichever is greater.

    Any such account, in any amount up to, but not exceeding, the amount for which it is insured, or 25% of the total reserves and undivided profits of the association, whichever is greater, shall be eligible for acceptance as security, whenever security is required by any law of this State.

     L.1963, c. 144, s. 241.