New Mexico Statutes Chapter 6. Public Finances § 6-10-54. Institutions exempted from paying over money to state treasurer; liability for failure to make authorized deposit

The several educational, charitable and penal institutions of the state shall be exempt from the provisions of Section 2 of this act; provided, however, that any treasurer of the board in control of any such institution who shall fail, neglect or refuse to deposit all the funds, earned or unearned, of such institution in a qualified depository under an agreement to pay interest at the rate specified in Section 10 hereof on daily balances, shall be liable on his official bond for the amount of loss occasioned by the failure to so deposit such funds under an agreement to pay interest at such rate.