40:68A-25 - Banks authorized to give undertaking; deposits - New Jersey Statutes

40:68A-25.  Banks authorized to give undertaking;  deposits
    All banks, bankers, trust companies, savings banks, investment companies and  other persons carrying on a banking business are hereby authorized to give to  any port authority a good and sufficient undertaking with such sureties as  shall be approved by the port authority to the effect that such banking  institution as hereinbefore described shall faithfully keep and pay over to the  order of or upon the warrant of the port authority or its authorized agent all  such funds as may be deposited with it by the port 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 port authority or  its authorized agent or any trustee therefor or for the holders of any bonds,  as collateral, such securities as the port authority may approve;  provided,  such securities shall consist of obligations in which public officers and  bodies of the State and its municipal subdivision, 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  port authority.  The deposits of the port 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 port authority and such bank or banking  institutions.

     L.1948, c. 349, p. 1399, s. 25, eff. Sept. 1, 1948.