§206-18 Security for funds deposited by board. The board of land and natural resources may, by resolution, provide that any moneys deposited by it shall be secured:

(1) By any securities by which funds deposited by the state director of finance may be legally secured as provided in section 38-3, or

  1. By an undertaking with such sureties as are approved by the board faithfully to keep and pay over upon the order of the board any deposits and agreed interest thereon, and all banks and trust companies may give any security for the deposits. [L 1961, c 6, §16; am L 1963, c 114, §1; Supp, §98J-16; HRS §206-18; am L 1979, c 105, §19]