§ 479. Designation of depository of funds. 1. It shall be the duty
of the board of trustees or managers of each charitable or benevolent
institution in this state, supported in whole or in part by moneys
received from the state, or by any county, city or town thereof, to
designate by resolution, to be entered upon their minutes, some duly
incorporated national or state bank or trust company as the depository
of the funds of such institution.

2. After such designation, it shall be the duty of the treasurer of
each such charitable or benevolent institution immediately to deposit in
the bank or trust company so designated, in his name as treasurer of the
institution, naming it, all funds of the institution which may come into
his possession.