When a governing body of a trust shall decide to invest moneys belonging to the trust in certificates of deposit, the following conditions must be met:(1) The certificate of deposit must be issued in the name of the trust;(2) The certificate, when received, must be maintained at the office of the board of trustees or in the trust department of a firm normally engaged in providing trust services; and(3) Subsequent to the purchasing of a certificate of deposit, the board of trustees shall be required to request confirmation of the validity of the certificate directly from the issuing bank.Acts 1973, No. 282, § 5; A.S.A. 1947, § 13-2105.
Arkansas Legal Code