§ 4710 - Surety for deposits by bank - Vermont Statutes

§ 4710. Surety for deposits by bank

All banks, trust companies, savings banks, investment companies and other persons carrying on a banking business are hereby authorized to give to the bank a good and sufficient undertaking with such sureties as shall be approved by the bank to the effect that the bank or banking institution as hereinbefore described shall faithfully keep and pay over to the order of or upon the warrant of the bank or its authorized agent all such funds as may be deposited with it by the bank and agreed interest thereon under or by reason of this chapter, at such times or upon such demands as may be agreed with the bank or in lieu of these sureties, deposit with the bank or its authorized agent or any trustee therefor or for the holders of any bonds, as collateral, such securities as the bank may approve. The deposits of the bank may be evidenced by an agreement in such form and upon such terms and conditions as may be agreed upon by the bank and the depository bank or banking institution. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)