Full text of An Act to Permit National Banks to Give Security in the Form Required by State Law for Deposits of Funds by Local Public Agencies and Officers

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[P ublic L aw 715— 81 st C ongress]
[C h a p t e r

754— 2 d

S e s s io n ]

[H. R. 8597]
AN ACT
To permit national banks to give security in the form required by State law for
deposits of funds by local public agencies and officers.

Be it enacted by the Senate and House of Representatives of the
United States o f America in Congress assembled, That the last para­
graph of section 5153 of the Revised Statutes, as added by the Act of
June 25,1930 (46 Stat. 809; XL S. C., title 12 , sec. 90), is amended to
read as follows:
“Any national banking association may, upon the deposit with it
of any funds by any State or political subdivision thereof or any
agency or other governmental instrumentality of one or more States
or political subdivisions thereof, including any officer, employee, or
agent thereof in his official capacity, give security for the safekeeping
and prompt payment of the funds so deposited to the same extent and
of the same kind as is authorized by the law of the State in which such
association is located in the case of other banking institutions in the
State.”
Approved August 18, 1950.