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All securities pledged for deposit of public funds belonging to cities having a population exceeding one hundred fifty thousand either in the physical possession of the depositing authority or deposited under joint custodianship in the safety deposit vault of the depository, or held in trust by any bank or trust company for account of any depositing authority, shall be deemed to be under the control and in the possession of the depositing authority, and shall be delivered into the custody of the commissioner of public finance, or the finance officer, of such cities for the account of such depositing authority when demanded.  No depositing authority may make such demand without first having obtained the approval and consent of the governing body of the city.