321. The secretary-treasurer shall collect all the moneys payable to the school board and shall deposit them, in the name and to the credit of the school board, in a chartered bank or in a savings and credit union governed by the Savings and Credit Unions Act (chapter C-4.1) having an office in the municipality; and, if there be no such bank or credit union, he shall keep them as depositary, unless the school board orders otherwise.
R. S. 1964, c. 235, s. 341; 1988, c. 64, s. 587; 1989, c. 36, s. 279; 1990, c. 35, s. 16.