Sec. 6. (a) A financial institution may give to the bank a good and sufficient undertaking, with such sureties as are approved by the bank, to the effect that the financial institution shall faithfully keep and pay over to the order of or upon the warrant of the bank or its authorized agent all those funds deposited with it by the bank and agreed interest, at such times or upon such demands as may be agreed with the bank. However, in lieu of these sureties, the financial institution may deposit with the bank or its authorized agent or a trustee for the holders of bonds, as collateral, those securities as the board may approve.
(b) The deposits of the bank may be evidenced by an agreement in the form and upon the terms and conditions that may be agreed upon by the bank and the financial institution.
As added by P.L.42-1985, SEC.1.
Structure Indiana Code
Title 5. State and Local Administration
Article 1.4. Local Public Improvement Bond Banks
Chapter 9. Miscellaneous Provisions
5-1.4-9-1. Limitation of Actions
5-1.4-9-3. Pledge of Revenues or Money
5-1.4-9-4. Insurance or Guaranty for Payment
5-1.4-9-5. Authority to Receive Appropriations or Grants From Federal Government; Disposition
5-1.4-9-6. Undertaking by Financial Institution to Keep and Pay Over Funds Deposited With It
5-1.4-9-8. Financial Institutions and Fiduciaries; Investment in Bonds or Notes
5-1.4-9-9. Nature of Bank Property; Bonds and Notes; Exemption From Taxation
5-1.4-9-10. Officers and Departments of State; Rendering of Services to Bank; Costs and Expenses
5-1.4-9-11. Dissolution of Bank; Assets and Property of Bank