All funds of every kind and character, including moneys, credits, and other assets, belonging to any irrigation district, shall be by the treasurer deposited in a bank or banks within the State of South Dakota, which bank or banks shall be designated by the board of directors of such district. If no depository is designated, then the treasurer shall designate a bank or banks as a depository for such public funds. The deposit of such public funds as herein designated, shall relieve the treasurer of such irrigation district from personal liability for loss of such funds deposited through the insolvency or failure of such depository while deposited therein.
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