A bank may be designated as the official depository of county, municipal, township, or school district funds, notwithstanding that an officer, director, stockholder, or employee of a bank is an elected or appointed officer or treasurer of such county, municipality, township, or school district.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Source: SDC Supp 1960, § 10.0708 as added by SL 1963, ch 30.