§46-51  Deposit of securities with mainlanddepositories.  The director of finance of each county may, with theapproval of the council, deposit securities owned by the county in mainlanddepositories.  The securities shall be subject to all the terms, conditions,and authorizations of the depository agreement which the director of financemay have or may make with any such mainland depository.  Further, the directorof finance of each county may, with the approval of the council, and with theconsent of the state director of finance, place such securities under thecontrol of the state director of finance for safekeeping in mainlanddepositories.  The securities shall be subject to all the terms, conditions,and authorizations of any depository agreement which the state director offinance may have or make with any mainland depository, and all expenses thereofshall be borne by the county.  Moneys received by any mainland depository, onbehalf of the county, or on behalf of the state director of finance for thecounty, from the sale or redemption of securities, or as interest, shall notfor a period of thirty days after the receipt thereof by the depository beconsidered as deposits within the meaning of chapter 38, and moneys placed withthe depositories for the purchase of securities shall not be considered asdeposits within the meaning of chapter 38. [L 1945, c 43, pt of §1; RL 1955,§138-16; am L Sp 1959 2d, c 1, §14; am L 1963, c 114, §1; HRS §46-51]