Section 393:45-a Safe Deposit Business.
I. Any cooperative bank or building and loan association may engage in the business commonly known as the safe deposit business by installing suitably constructed vaults on its own premises. The installation and operation of these vaults shall have the prior approval of the bank commissioner.
II. Any such institution engaging in safe deposit business shall be required to notify each lessee of a safe deposit box that the contents of such safe deposit box are not insured by such institution or by any federal insurance agency. Each application or registration for a safe deposit box shall contain a notice in bold-faced type, in substantially the following form:
""YOU ARE HEREBY NOTIFIED THAT THE CONTENTS OF A SAFE DEPOSIT BOX ARE NOT INSURED BY THIS INSTITUTION OR BY ANY FEDERAL INSURANCE PROGRAM.''
Source. 1965, 128:1. 1981, 291:1, eff. Aug. 15, 1981.