(1) The authority may by resolution provide that all money deposited by it shall be secured by:
- (a) obligations of the United States or of the state of a market value equal at all times to the amount of such deposits;
- (b) any securities in which savings banks may legally invest funds within their control; or
- (c) an undertaking with such sureties as shall be approved by the authority to faithfully keep and pay over upon the order of the authority any such deposits and agreed interest thereon.
- (2) All banks and trust companies are authorized to give any such security for such deposits.
History: En. Sec. 24, Ch. 140, L. 1935; re-en. Sec. 5309.24, R.C.M. 1935; R.C.M. 1947, 35-124.