Security for Faithful Performance

Investment certificates, if issued by an association which is an insured institution as defined in Title IV of the National -Housing Act, shall be acceptable and may be used as security for the faithful performance of any public or private trust or obligation. Shares, if issued by an association issuing no investment certificates and which is an insured institution as defined in Title IV of the National Housing Act, shall be acceptable and may be used as security for the faithful performance of any public or private trust or obligation. SOURCE: GC § 41410.