When a governing body of a trust shall decide to invest moneys belonging to the trust in certificates of deposit, the following conditions must be met: (1) The certificate of deposit must be issued in the name of the trust; (2) The certificate, when received, must be maintained at the office of the board of trustees or in the trust department of a firm normally engaged in providing trust services; and (3) Subsequent to the purchasing of a certificate of deposit, the board of trustees shall be required to request confirmation of the validity of the certificate directly from the issuing bank. Acts 1973, No. 282, § 5; A.S.A. 1947, § 13-2105. When a governing body of a trust shall decide to invest moneys belonging to the trust in certificates of deposit, the following conditions must be met: (1) The certificate of deposit must be issued in the name of the trust; (2) The certificate, when received, must be maintained at the office of the board of trustees or in the trust department of a firm normally engaged in providing trust services; and (3) Subsequent to the purchasing of a certificate of deposit, the board of trustees shall be required to request confirmation of the validity of the certificate directly from the issuing bank. Acts 1973, No. 282, § 5; A.S.A. 1947, § 13-2105. When a governing body of a trust shall decide to invest moneys belonging to the trust in certificates of deposit, the following conditions must be met: (1) The certificate of deposit must be issued in the name of the trust; (2) The certificate, when received, must be maintained at the office of the board of trustees or in the trust department of a firm normally engaged in providing trust services; and (3) Subsequent to the purchasing of a certificate of deposit, the board of trustees shall be required to request confirmation of the validity of the certificate directly from the issuing bank. Acts 1973, No. 282, § 5; A.S.A. 1947, § 13-2105. When a governing body of a trust shall decide to invest moneys belonging to the trust in certificates of deposit, the following conditions must be met: (1) The certificate of deposit must be issued in the name of the trust; (2) The certificate, when received, must be maintained at the office of the board of trustees or in the trust department of a firm normally engaged in providing trust services; and (3) Subsequent to the purchasing of a certificate of deposit, the board of trustees shall be required to request confirmation of the validity of the certificate directly from the issuing bank. Acts 1973, No. 282, § 5; A.S.A. 1947, § 13-2105.
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