§ 157-24. Security for funds deposited by authorities. - North Carolina Statutes

§ 157‑24.  Securityfor funds deposited by authorities.

The authority may by resolution provide that

(1)        All moneys deposited by it shall be secured by obligationsof the United States or of the State of a market value equal at all times tothe amount of such deposits or

(2)        By any securities in which savings banks may legally investfunds within their control or

(3)        By an undertaking with such sureties as shall be approved bythe authority faithfully to keep and pay over upon the order of the authorityany such deposits and agreed interest thereon, and all banks and trustcompanies are authorized to give any such security for such deposits. (1935, c. 456, s. 24.)