Section 8-A320. INVESTMENT AND DEPOSITORIES

 

320.1The Dean, with the approval of the Board, may invest available trust funds of the School of Law in investments of governmental securities which have been approved as "safe" by the Comptroller of the United States.

 

320.2The Dean shall determine the bank or banks in which funds of the School of Law shall be deposited, and shall inform the Board of the bank or banks where funds are deposited.

 

320.3The Dean shall ensure that the bank or banks in which the funds of the School of Law are deposited furnish depository protection, as required by law and in accordance with §§320.4 through 320.6.

 

320.4Each depository where funds of the School of Law are held in time deposits shall give a depository bond underwritten by an acceptable security company qualified to do business in the District of Columbia, or shall deposit those funds in other depositories in accordance with §320.5.

 

320.5If funds are not subject to a depository bond, the depository shall deposit securities of the following classes with another depository satisfactory to the Dean:

 

(a)Direct obligations of the United States government;

 

(b)Obligations unconditionally guaranteed by the United States government; or

 

(c)Direct obligations of the District of Columbia government.

 

320.6The current market value of securities deposited in accordance with the provisions of §320.5 shall be equal to or in excess of the amount of the time deposits held by the depository.

 

320.7The Dean shall designate the official or officials of the School of Law who have authority to sign checks drawn on banks where funds of the School of Law are deposited.

 

320.8Persons designated under §320.7 shall have authority to sign any related documents that are required by the depository banks.

 

source

Final Rulemaking published at 35 DCR 5876 (July 29, 1988).