Alabama § 24-1-42 Security for Funds Deposited by Authorities in Banks and Trust Companies

Alabama Statutes

§ 24-1-42 — Security for Funds Deposited by Authorities in Banks and Trust Companies

Alabama § 24-1-42

Title 24Housing

Ch. 1Housing Authorities

Art. 2Municipal Housing Authorities

This text of Alabama § 24-1-42 (Security for Funds Deposited by Authorities in Banks and Trust Companies) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 24-1-42 (2026).

Text

The authority may by resolution provide that all moneys deposited by it shall be secured by obligations of the United States or of the State of Alabama of a market value equal at all times to the amount of such deposits, by any securities in which savings banks may legally invest funds within their control or by an undertaking with such sureties as shall be approved by the authority faithfully to keep and pay over upon the order of the authority any such deposits and agreed interest thereon. All banks and trust companies are authorized to give any such security for such deposits.

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The authority may by resolution provide that all moneys deposited by it shall be secured by obligations of the United States or of the State of Alabama of a market value equal at all times to the amount of such deposits, by any securities in which savings banks may legally invest funds within their control or by an undertaking with such sureties as shall be approved by the authority faithfully to keep and pay over upon the order of the authority any such deposits and agreed interest thereon. All banks and trust companies are authorized to give any such security for such deposits.