A bank may act as depositary, paying agent or fiscal agent for the holding or handling of district funds, notwithstanding the fact that a member of the board is an officer, employee or stockholder of the bank, or of a holding company that owns any of the stock of the bank.
Section 7176
Harb. & Nav. Code § 7176 — under California Harb. & Nav. Code.
Harb. & Nav. Code § 7176