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.xgs <br />Page l.of 1 <br />?~46-51 Deposit of securities with mainland depositories. The <br />director of finance of each county may, with the approval of the <br />council, deposit securities owned by the county in mainland <br />depositories. The securities shall be subject to all the terms, <br />conditions, and authorizations of the depository agreement which the <br />director of finance may have or may make with any such mainland <br />depository. Further, the director of finance of each county may, <br />with the approval of the council, and with the consent of the state <br />director of finance, place such securities under the control of the <br />state director of finance for safekeeping in mainland depositories. <br />The securities shall be subject to all the terms, conditions, and <br />authorizations of any depository agreement which the state director <br />of finance may have or make with any mainland depository, and all <br />expenses thereof shall be borne by the county. Moneys received by <br />any mainland depository, on behalf of the county, or on behalf of the <br />state director of finance for the county, from the sale or redemption <br />of securities,.or as interest, shall not for a period of thirty days <br />after the receipt thereof by the depository be considered as deposits <br />within the meaning of chapter 38, and moneys placed with the <br />depositories for the purchase of securities shall not be considered <br />as deposits within the meaning of chapter 38. (L 1945, c 43, pt of <br />§1; RL 1955, §138-16; am L Sp 1959 2d, c 1, §14; am L 1963, c 114, <br />§1; HRS §46-51] <br />Previous Vo102 CIr004(i-O] 15 Next <br />http://www.capitol.hawaii.gov/hrscurrent/Vo102_Ch0046-0115/HRS0046/HRS_0046-00... 10/ 16/2008 <br />