§36-3  Fiscal agents.  The director of
finance may appoint, with the approval of the governor, such fiscal agents as
may be necessary and expedient to facilitate the sale, purchase, and redemption
of the bonds of the State and the payment of interest thereon.  The director
may authorize and empower the fiscal agents, for and on behalf of the State, to
receive and receipt for moneys realized from the sale of the bonds and to pay
out moneys for the redemption or purchase thereof and for the payment of interest
thereon, and to receive receipts for all moneys so paid out.  Moneys received
by 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 deposits
within the meaning of chapter 38, and moneys placed with the fiscal agents for
the purpose of purchase or redemption of bonds and coupons shall not be
considered as deposits within the meaning of chapter 38.



The director may also appoint, with the
approval of the governor, such mainland depositories as may be necessary or
expedient for the safekeeping of securities owned by the State, and may
authorize and empower these depositories, for and on behalf of the State, to
pay for, receive delivery of, and receipt for, securities purchased by the
State, to receive interest payments, to deliver and receive payment for
securities sold or redeemed by the State and to perform all other acts in
connection with these securities which are customarily performed by
depositories.  Moneys received by the depositories on behalf of the State from
the sale or redemption of securities, or as interest, shall not for a period of
fifteen days after the receipt thereof by the depository be considered as
deposits within the meaning of chapter 38, and moneys placed with the
depositories for the purpose of purchase of securities shall not be considered
as deposits within the meaning of chapter 38.  This paragraph may be applied
with respect to any securities deposited in the director's custody or control
by any agency, government or private, with the approval of and at the expense
of the agency, which expenditures, in the case of a government agency, may be
made from any funds available for its current expenses.  Funds of any
government agency awaiting investment, also funds received by the depository on
behalf of the government agency from the sale or redemption of securities or as
interest for a period of fifteen days after receipt thereof, shall be deemed
held by the director or in the treasury of the State within the meaning of any
requirement of law, and any moneys, though required to be held in the treasury,
shall not, under the foregoing circumstances, be considered as deposits within
the meaning of chapter 38.



All appointments made under this section may be
revoked 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]