Investments of public funds as defined in § 4-5-5 shall be made only after the adoption of a proper resolution by the governing board of such county, municipality, township, or school district. Such resolution shall state the investment policies to be followed by the treasurer thereof.

Source: SL 1945, ch 359 , § 2; SDC Supp 1960, § 48.0507; SL 1961, ch 258 , § 1; SL 1967, ch 237 , § 1; SL 1972, ch 25 .