Sec. 14.3. Deposits of moneys in banks

Moneys received by any State agency for subsequent payment into any fund in the custody of the State Treasury, and moneys received by custodian of special funds in which the State has an interest, direct or indirect, or under the control of the State, shall be deposited, daily if possible, and not later than once a week, in a bank or trust company of the State. When required by law (see State Finance Law, §§ 105, 106), such deposits shall be in a depository approved by the Comptroller and shall be secured by bonds. Moneys include cash, checks, bond coupons, etc. All such receipts shall be deposited in a bank, and any payments therefrom, if authorized, shall be only by check on the bank of deposit.