Any provision of law to the contrary notwithstanding, the state board of examiners may by resolution authorize any state officer, agent or employee other than the bursars or other fiscal officers, agents or employees of state educational institutions, by whatever name such officer, agent or employee be known, receiving moneys which he is by law required to pay over to the state treasurer, to so pay over the same at such intervals not exceeding one (1) month apart as said board may by such resolution specify. The state board of education and board of regents of the University of Idaho may likewise by resolution, any provision of law to the contrary notwithstanding, authorize any bursar or other fiscal officer, agent or employee of any state educational institution, by whatever name such officer, agent or employee be known, receiving moneys which he is by law required to pay over to the state treasurer as such, or as treasurer for said board or said institution, to likewise so pay over the same at such intervals not exceeding one (1) month apart as said board may by resolution specify. The said state board of education and board of regents of the University of Idaho may also by resolution authorize such bursar or other fiscal officer, agent or employee of any state educational institution, as part of the duties of his office or employment, to act as treasurer for any organization or association of the students and/or faculty of such institution, and may authorize him to retain all moneys received or held as such treasurer, and any and all other moneys received or held by him in his official capacity or incident to the duties of his office or employment, other than those owned by the state of Idaho, to be retained by him until lawfully paid out or disposed of by him, without depositing the same with the state treasurer at all.
Any officer, bursar, agent or employee of the state or of any state educational institution so designated as herein provided, may, pending the payment of moneys so received or held by him to the state treasurer, or to the person entitled to receive the same, deposit the same, including those owned by the state and all others received or held in his official capacity or incident to the duties of his office or employment, in a bank or trust company in the state of Idaho, to the credit of such officer, bursar, agent or employee in his official capacity, subject to the provisions of the public depository law.