40:37B-43 - Undertaking for deposits of authority - New Jersey Statutes

40:37B-43.  Undertaking for deposits of authority
    All banks, bankers, trust companies, saving banks, investment companies and  other persons carrying on a banking business are hereby authorized to give to  any authority a good and sufficient undertaking with such sureties as shall be  approved by the 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 warrant of the authority or its authorized agent all such funds as may be  deposited with it by the 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 authority or its authorized agent or any  trustee therefor or for the holders of any bonds as collateral, such securities  as the authority may approve.  The deposits of the 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 authority and such bank or banking  institution.

     L.1967, c. 136, s. 43, eff. June 28, 1967.