165.201. Selection of depositaries in seven-director districts without advertising for bids--deposit to be secured.
Selection of depositaries in seven-director districts withoutadvertising for bids--deposit to be secured.
165.201. If at the time bids should be received or theselection of depositaries should be made in seven-directordistricts in accordance with the provisions of sections 165.211to 165.291, it is unlawful for banking institutions to payinterest upon demand deposits, or if there is not a sufficientnumber of bids submitted, the board may name depositaries of allor any part, not less than one-sixteenth part thereof, of itsfunds, without advertising for bids and without requiring thepayment of any interest. Each depositary selected within tendays after its selection in accordance with the provisions ofthis section shall deposit securities required for the deposit ofschool funds as provided in sections 110.010 and 110.020, RSMo.
(L. 1963 p. 200 § 6-20)(Source: RSMo 1959 § 165.427)