§ 5-1.4-9-7 — Agreements with financial institutions; care and custody of securities or other investments

Indiana § 5-1.4-9-7

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.4: LOCAL PUBLIC IMPROVEMENT BOND BANKS
• Ch. 9: Miscellaneous Provisions

Text

The board may enter into agreements or
contracts with a financial institution inside or outside the state as may
be necessary, desirable, or convenient in the opinion of the board for
rendering services in connection with the care, custody, or safekeeping
of securities or other investments held or owned by the bank, for
rendering services in connection with the payment or collection of
amounts payable as to principal or interest, and for rendering services
in connection with the delivery to the bank of securities or other
investments purchased by it or sold by it and to pay the cost of those
services. The board may also, in connection with any of the services to
be rendered by a financial institution as to the custody and safekeeping
of its securities or investments, require security in the form of collateral
bonds, surety agreements, or security agreements in such form and
amount as, in the opinion of the board, is necessary or desirable.

Legislative History

As added by P.L.42-1985, SEC.1.