17:9-42 Security requirement for public depositories.
63 words·~1 min read·
/nj/title-17/chapter-9/17-9-42A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
2. The receipt and holding of public funds on deposit by a public depository is a voluntary activity undertaken by that depository. However, no governmental unit shall deposit public funds in a public depository unless such funds are secured by the depository, and the depository is otherwise in compliance, or acting in accordance with, this act.
L.1970, c.236, s.2; amended 2009, c.326, s.2.