The boards in control of the various public and educational institutions in this state, and all other boards handling funds in any manner whatever, except local boards of education, are hereby designated as boards of finance for such institutions and boards respectively. Each of such boards shall receive, handle and account, as provided by law, for all public moneys received by it, and shall deposit the funds of such institutions or boards in a depository or depositories qualified in accordance with the requirements of this act, equitably and upon the terms and conditions and in like manner and subject to such limitations as in this act prescribed for the deposit of public moneys by other boards of finance.

History: Laws 1933, ch. 175, § 3; 1941 Comp., § 7-206; 1953 Comp., § 11-2-6; Laws 1963, ch. 190, § 1; 1981, ch. 332, § 2.

Compiler's notes. — The term "this act," which appears in the second sentence, refers to Laws 1933, ch. 175, which is compiled as 6-10-8 to 6-10-10, 6-10-15, 6-10-18, 6-10-19 and 6-10-51 NMSA 1978.

Board of trustees of county hospital. — The board of trustees of the county hospital has the authority to sit as a board of finance, being regulated by the same standards as would the members of any other board of finance within the state or its political subdivisions. 1969 Op. Att'y Gen. No. 69-76.

Board of regents of school for the deaf. — Under this section the board of regents for the school for the deaf is the board of finance for that school. 1969 Op. Att'y Gen. No. 69-27.

Municipal boards of education. — This section allows municipal boards of education to operate as a municipal board of finance. 1960 Op. Att'y Gen. No. 60-163.

Signature of president of board of education not required on checks drawn on special payroll account. — Where a city board of education acts as its own board of finance in accordance with law, said board may establish a special payroll account in which will be deposited a lump sum each month by check signed by the president of the board, and the school board president's signature is not required on any payroll checks drawn thereon. 1953 Op. Att'y Gen. No. 53-5799.