The Treasurer shall not have on deposit in any bank at any time more than the maximum amount of the bond given by said bank if the bank gives a surety bond, nor in any bank giving a personal bond, more than one-half of the amount of the bond of such bank; and the amount so on deposit at any time with any bank shall not, in either case, exceed the paid-up capital stock and surplus of such bank, nor more than 90% of the par value of the securities furnished by said bank in cases where the bank deposits approved securities in lieu of a bond. The Municipal Treasurer shall not be liable for any loss sustained by reason of the failure of any such bonded depository whose bond shall have been duly approved by the Mayor as herein provided, or which has, in lieu of a surety bond, deposited approved securities as herein provided.
(2005 Code, § 1-919)