§ 70-612 — Disposition of funds until invested.

Until such time as said funds may be safely and advantageously invested in the securities mentioned in the preceding section, said Commissioners of the Land Office are hereby authorized and empowered to deposit said sums in such banks or trust companies as they may select, but shall in every case take as security for such deposits the following classes of securities and no others: Bonds of the State of Oklahoma, bonds of the counties, school districts, cities and towns of this state, state and county warrants, and approved State, county and municipal bonds of other states, bonds of the United States, first mortgages on real estate, warrants or other legal evidence of indebtedness authorized by law to be issued by municipalities in payment of paving, sewer, waterworks, electric light, or other public indebtedness and for the payment of which a special tax is authorized to be levied and collected, and as additional security on any deposit which said Board may make the said Commissioners of the Land Office shall have authority to accept surety companies or trust companies as sureties, but in each case said Board of Land Commissioners shall accurately investigate the value of securities offered for such deposits: Provided, however, that such surety company or trust company shall neither be in any manner interested directly or indirectly in any bank or trust company for which it becomes additional surety; nor shall any surety, bonding or trust company be accepted as additional surety that has more than one-fourth (1/4) of its paid capital invested in bank stock. The said Board of Land Commissioners may, whenever they deem it advisable require additional securities after a deposit is made as they deem necessary to secure the safety of the deposit.

Legislative History

R.L.1910, § 7654.