9-1603.   Assets held in fiduciary capacity segregated; records; use. As soon as any bank shall exercise any trust authority it shallsegregate all assets held in any fiduciary capacity and shall keep aseparate set of books and records showing in proper detail all transactionshad in any fiduciary capacity. Such books and records at all times shall beopen to the inspection of, and subject to the supervision of, thecommissioner. Funds held by such bank in trust less the amount of insurancecarried in the federal deposit insurance corporation shall be carried in aseparate account and shall not be used by the bank in the conduct of itsbusiness unless it first shall set aside in the trust department, UnitedStates bonds or other securities approved by the commissioner in an equalsum.

      History:   L. 1947, ch. 102, § 79; L. 1963, ch. 63, § 1; June 30.