1. (a) A savings bank may receive deposits of state and federal public funds:

   1. (1) on the same terms and conditions;
   2. (2) with the same rights and privileges; and

   3. (3) subject to the same duties and obligations;

      as provided by law for banks of discount and deposit, trust companies, and other financial institutions.

2. (b) The power under subsection (a) includes the right to pledge securities or other assets for the repayment of the deposits if the pledge is permitted by applicable law or regulation.

As added by P.L.42-1993, SEC.72. Amended by P.L.35-2010, SEC.145.