§ 53. Depositories of authority funds. In order to protect funds
deposited by an authority all banks, bankers, trust companies or other
persons carrying on a banking business, organized under the laws of the
state, are authorized to give to the authority an undertaking with such
sureties as shall be approved by the authority, faithfully to keep and
pay over upon the order of the authority any such deposits and agreed
interest thereon, or in lieu of said sureties, to deposit as collateral
such securities and in such amounts as may be agreed upon with the
authority pursuant to a collateral deposit agreement in form and terms
satisfactory to the authority. The collateral to be deposited shall
consist of securities in which savings banks may legally invest funds
within their control.