(1) As used in this section, "foreign depository institution" is as defined in Section 7-1-103.
(2) In accordance with Subsection 51-7-4(1)(b)(iii), an institution may deposit funds into a foreign depository institution for purposes of conducting academic, research, or clinical activities in the foreign country, if the:
(a) laws of the foreign country require the money to be deposited in the foreign country; or
(b) terms of a grant, gift, or contract require the funds to be deposited in the foreign country.
(3) The foreign depository institution in which funds are deposited under this section shall meet the requirements of rules made by the State Money Management Council under Section 51-7-18.