32.20.320 - Investment of funds.

Investment of funds.

The trustees of every savings bank shall as soon as practicable invest the moneys deposited with it in the securities prescribed in this title.

     The purchase by a savings bank of a negotiable certificate of deposit or similar security issued by a bank need not be considered a deposit if the certificate or security is eligible for investment by a savings bank under any other provision of this title.

[1969 c 55 § 8; 1955 c 13 § 32.20.320. Prior: 1929 c 74 § 25; 1925 ex.s. c 86 § 11; 1915 c 175 § 20; RRS § 3381-25.]