Each bank acting as a depository shall keep all daily balance accounts which are subject
to immediate checking, in an account or accounts separate from all savings or time
deposit accounts. Funds in a saving or time deposit account shall not be subject to check without
being transferred to the checking account by order of the board or officer having
control of the same. Each board or officer at all times may transfer money from one of the classes or
types of accounts to another. Interest shall be paid by depositories receiving savings or time deposit accounts
at such rate or rates as may be agreed upon with respect to such savings or time deposit
accounts by the depository and the board or officer having control of such account. All interest earned on any of such deposits shall be credited to the account and
fund on which it was earned, and all interest shall be computed and credited quarterly.
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