§36-3 Fiscal agents. The director of finance may appoint, with the approval of the governor, such fiscal agents as may be necessary and expedient to facilitate the sale, purchase, and redemption of the bonds of the State and the payment of interest thereon. The director may authorize and empower the fiscal agents, for and on behalf of the State, to receive and receipt for moneys realized from the sale of the bonds and to pay out moneys for the redemption or purchase thereof and for the payment of interest thereon, and to receive receipts for all moneys so paid out. Moneys received by the fiscal agents from the sale of bonds on behalf of the State shall not, for a period of fifteen days after the sale of bonds, be considered as deposits within the meaning of chapter 38, and moneys placed with the fiscal agents for the purpose of purchase or redemption of bonds and coupons shall not be considered as deposits within the meaning of chapter 38.

The director may also appoint, with the approval of the governor, such mainland depositories as may be necessary or expedient for the safekeeping of securities owned by the State, and may authorize and empower these depositories, for and on behalf of the State, to pay for, receive delivery of, and receipt for, securities purchased by the State, to receive interest payments, to deliver and receive payment for securities sold or redeemed by the State and to perform all other acts in connection with these securities which are customarily performed by depositories. Moneys received by the depositories on behalf of the State from the sale or redemption of securities, or as interest, shall not for a period of fifteen days after the receipt thereof by the depository be considered as deposits within the meaning of chapter 38, and moneys placed with the depositories for the purpose of purchase of securities shall not be considered as deposits within the meaning of chapter 38. This paragraph may be applied with respect to any securities deposited in the director's custody or control by any agency, government or private, with the approval of and at the expense of the agency, which expenditures, in the case of a government agency, may be made from any funds available for its current expenses. Funds of any government agency awaiting investment, also funds received by the depository on behalf of the government agency from the sale or redemption of securities or as interest for a period of fifteen days after receipt thereof, shall be deemed held by the director or in the treasury of the State within the meaning of any requirement of law, and any moneys, though required to be held in the treasury, shall not, under the foregoing circumstances, be considered as deposits within the meaning of chapter 38.

All appointments made under this section may be revoked by the director at any time. [L 1907, c 102, §1; am L 1927, c 233, §1; RL 1925, §1243; RL 1935, §2202; am L 1939, c 51, §1; RL 1945, §5803; am L 1945, c 59, §1(2); RL 1955, §132-3; am L Sp 1959 2d, c 1, §14; am L 1963, c 114, §1; HRS §36-3]