§ 5298 - Surety for deposits by authority - Vermont Statutes

§ 5298. Surety for deposits by authority

All banks, trust companies, savings associations, investment companies and other persons carrying on a banking business are hereby authorized to give to the authority a good and sufficient undertaking with such sureties as shall be approved by the authority to the effect that the bank or banking institutions as hereinbefore described shall faithfully keep and pay over to the order of or upon the warrant of the authority or its authorized agent all such funds as may be deposited with it by the authority and agreed interest thereon under or by reason of this chapter, at such times or upon such demands as may be agreed with the authority or in lieu of these 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 an agreement in such form and upon such terms and conditions as may be agreed upon by the authority and the depository bank or banking institution. (Added 1999, No. 121 (Adj. Sess.), § 1.)