40A:67-20 Banking business, authorized, sufficient undertaking, sureties.
168 words·~1 min read·
/nj/title-40a/chapter-67/40a-67-20A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
20. All banks, bankers, trust companies, savings banks, investment companies, and other persons carrying on a banking business shall be authorized to give to an authority a sufficient undertaking with those sureties as shall be approved by the authority to the effect that the bank or banking institution shall faithfully keep and pay over to the order of or upon the warrant of an authority or its authorized agent, all funds as may be deposited with it by the authority and agreed interest, at times or upon demands as may be agreed with the authority or in lieu of these sureties, deposit with the authority or its agent or any trustee therefor or for the holders of any bonds, as collateral, the securities as the authority may approve.
The deposits of the authority may be evidenced or secured by a depository collateral agreement in a form and upon terms and conditions as may be agreed upon by the authority and the bank or banking institution.
L.2023, c.346, s.20.