40:14A-33 - Depositary bonds required of banking institutions - New Jersey Statutes

40:14A-33.  Depositary bonds required of banking institutions
    All banks, bankers, trust companies, savings banks, investment companies and  other persons carrying on a banking business are hereby authorized to give to  any sewerage authority a good and sufficient undertaking with such sureties as  shall be approved by the sewerage authority to the effect that such bank or  banking institution as hereinbefore described shall faithfully keep and pay  over to the order of or upon the warrant of the sewerage authority or its  authorized agent all such funds as may be deposited with it by the sewerage  authority and agreed interest thereon, at such times or upon such demands as  may be agreed upon with the authority or, in lieu of such sureties, deposit  with the sewerage authority or its authorized agent or any trustee therefor or  for the holders of any bonds, as collateral, such securities as the sewerage  authority may approve;  provided, such securities shall consist of obligations  in which public officers and bodies of the State and its municipal  subdivisions, savings institutions, including savings and loan associations,  insurance companies and associations, executors, administrators, guardians,  trustees and other fiduciaries in the State may properly and legally invest the  funds within their control, in such principal amount, market value or other  description as may be approved by the sewerage authority.  The deposits of the  sewerage authority may be evidenced by a depository collateral agreement in  such form and upon such terms and conditions as may be agreed upon by the sewerage authority and such bank or banking institution.

     L.1946, c. 138, p. 673, s. 33, eff. April 23, 1946.