(A) The Municipal Treasurer shall deposit, and at all times keep on deposit, for safekeeping, in state or national banks, of approved and responsible standing, all money collected, received or held by him or her as such Municipal Treasurer. Such deposits shall be subject to all regulations imposed by law or adopted by the City Council for the receiving and holding thereof.
(B) The fact that a stockholder, director or other officer of such banking institution shall also be serving as Mayor, member of the City Council, member of a Board of Public Works or as any other officer of such municipality, shall not disqualify such bank from acting as a depository for such municipal funds.
(2005 Code, § 1-915)