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The board of trustees shall approve the fiscal agency bank or banks selected by the state treasurer for the deposit of the funds and securities of this retirement system provided that no bank shall be selected unless the bank is a fiscal agent of the state.  The funds and properties of the system held in any bank of the state shall be safeguarded by bonds or other securities acceptable for the protection of state deposits, the amount to be determined by the board of trustees.  

Added by Acts 1956, No. 56, §7(5); Redesignated from La. Rev. Stat. 16:1084 by Acts 1991, No. 74, §3, eff. June 25, 1991.