All income and other receipts from securities may be:

1. (1) collected by the custodian bank or safekeeping bank approved for that purpose by the board and deposited in the custodial account or a checking account of the board;
2. (2) reinvested from the custodial account or checking account when the board determines that the receipts may be safely invested; or

3. (3) withdrawn by the board for the immediate needs of the fund from the checking account or custodial account.

   [Pre-2006 Education Finance Recodification Citation: 21-6.1-3-15.]

As added by P.L.2-2006, SEC.28. Amended by P.L.115-2009, SEC.14.