§36-3  Fiscal agents.  The director offinance may appoint, with the approval of the governor, such fiscal agents asmay be necessary and expedient to facilitate the sale, purchase, and redemptionof the bonds of the State and the payment of interest thereon.  The directormay authorize and empower the fiscal agents, for and on behalf of the State, toreceive and receipt for moneys realized from the sale of the bonds and to payout moneys for the redemption or purchase thereof and for the payment of interestthereon, and to receive receipts for all moneys so paid out.  Moneys receivedby the fiscal agents from the sale of bonds on behalf of the State shall not,for a period of fifteen days after the sale of bonds, be considered as depositswithin the meaning of chapter 38, and moneys placed with the fiscal agents forthe purpose of purchase or redemption of bonds and coupons shall not beconsidered as deposits within the meaning of chapter 38.

The director may also appoint, with theapproval of the governor, such mainland depositories as may be necessary orexpedient for the safekeeping of securities owned by the State, and mayauthorize and empower these depositories, for and on behalf of the State, topay for, receive delivery of, and receipt for, securities purchased by theState, to receive interest payments, to deliver and receive payment forsecurities sold or redeemed by the State and to perform all other acts inconnection with these securities which are customarily performed bydepositories.  Moneys received by the depositories on behalf of the State fromthe sale or redemption of securities, or as interest, shall not for a period offifteen days after the receipt thereof by the depository be considered asdeposits within the meaning of chapter 38, and moneys placed with thedepositories for the purpose of purchase of securities shall not be consideredas deposits within the meaning of chapter 38.  This paragraph may be appliedwith respect to any securities deposited in the director's custody or controlby any agency, government or private, with the approval of and at the expenseof the agency, which expenditures, in the case of a government agency, may bemade from any funds available for its current expenses.  Funds of anygovernment agency awaiting investment, also funds received by the depository onbehalf of the government agency from the sale or redemption of securities or asinterest for a period of fifteen days after receipt thereof, shall be deemedheld by the director or in the treasury of the State within the meaning of anyrequirement of law, and any moneys, though required to be held in the treasury,shall not, under the foregoing circumstances, be considered as deposits withinthe meaning of chapter 38.

All appointments made under this section may berevoked by the director at any time. [L 1907, c 102, §1; am L 1927, c 233, §1;RL 1925, §1243; RL 1935, §2202; am L 1939, c 51, §1; RL 1945, §5803; am L 1945,c 59, §1(2); RL 1955, §132-3; am L Sp 1959 2d, c 1, §14; am L 1963, c 114, §1;HRS §36-3]