1.  A bank or credit union may arrange for the collection of savings from school children by the principal of the school, by the teachers, or by collectors pursuant to regulations issued by the Commissioner and approved, in the case of public schools, by the board of trustees of the school district in which the school is situated. The principal, teacher or person authorized by the bank or credit union to make collections from the school children must be the agent of the bank or credit union to make collections from the school children, and the bank or credit union is liable to the pupil for all deposits made with such principal, teacher or other authorized person to the same extent as if the deposits were made directly with the bank or credit union.

2.  The acceptance of deposits in furtherance of a school thrift or savings plan by an officer, employee or agent of a bank or credit union at any school is not the establishment or operation of a branch facility.