The board shall appoint a bank or trust company doing business in the city as a depository in which the treasurer shall deposit all money belonging to the fund. If any funds are dissipated or lost by reason of the insolvency or failure of the depository, the dissipation or loss shall not constitute a liability of the treasurer. Interest received on deposits shall be and become a part of the fund.
Ala. Code § 45-57A-62.10
Appointing Bank or Trust Company as a Depository.
(Acts 1947, No. 13, p. 7, § 11.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.