The governing body shall designate the depository or depositories in which the funds belonging to the municipality shall be deposited. Such depository or depositories shall be a bank or banks within the State of South Dakota, unless otherwise specifically provided by law.

Source: SL 1913, ch 119 , § 122; RC 1919, § 6344; SL 1919, ch 272 ; SL 1921, ch 335 ; SL 1925, ch 236 ; SL 1929, ch 188 ; SDC 1939, § 45.1423; SL 1943, ch 166 ; SL 1959, ch 270 ; SL 1974, ch 39 , § 15.