Delaware Code Title 9 Sec. 771 – Deposit of funds
(a) Any park district, when so requested by its treasurer, shall designate a bank or banks or other depository in which the funds of the district may be deposited. When a bank has been designated as a depository it shall continue as such until 10 days have elapsed after a new depository is designated and has qualified by furnishing the statements of resources and liabilities required by this section. When a new depository is designated, the district shall notify the sureties of its treasurer of that fact, in writing, at least 5 days before the transfer of funds. Such treasurer shall be discharged from responsibility for all such funds and moneys deposited in a bank or depository, so designated, while such funds and moneys are so deposited.
Terms Used In Delaware Code Title 9 Sec. 771
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
(b) No bank shall be qualified to receive such funds or moneys until it has furnished the district with copies of the last 2 sworn statements of resources and liabilities which such bank is required to furnish to the State Bank Commissioner. Each bank designated as a depository for moneys or funds shall, while acting as such depository, furnish the district with a copy of all statements of resources and liabilities which it is required to furnish to the State Bank Commissioner; provided, that if such funds or moneys are deposited in a bank, the amount of such deposits shall not exceed 75% of the capital stock and surplus of such bank, and such treasurer shall not be discharged from responsibility for any funds or moneys deposited in excess of such limitation.
9 Del. C. 1953, § ?771; 52 Del. Laws, c. 42.;