§46-51  Deposit of securities with mainland
depositories.  The director of finance of each county may, with the
approval of the council, deposit securities owned by the county in mainland
depositories.  The securities shall be subject to all the terms, conditions,
and authorizations of the depository agreement which the director of finance
may have or may make with any such mainland depository.  Further, the director
of finance of each county may, with the approval of the council, and with the
consent of the state director of finance, place such securities under the
control of the state director of finance for safekeeping in mainland
depositories.  The securities shall be subject to all the terms, conditions,
and authorizations of any depository agreement which the state director of
finance may have or make with any mainland depository, and all expenses thereof
shall be borne by the county.  Moneys received by any mainland depository, on
behalf of the county, or on behalf of the state director of finance for the
county, from the sale or redemption of securities, or as interest, shall not
for a period of thirty 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 purchase of securities shall not be considered as
deposits 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]