Deposit and payment of funds

(a) All municipal port authority funds shall be deposited in banks to be designated by the authority. (b) No funds of the authority shall be disbursed except for a purpose authorized by this subchapter and only when the account or expenditure for which it is to be given in payment has been approved by the authority. Acts 1947, No. 167, § 10; A.S.A. 1947, § 19-2729; Acts 1997, No. 1045, § 1. (a) All municipal port authority funds shall be deposited in banks to be designated by the authority. (b) No funds of the authority shall be disbursed except for a purpose authorized by this subchapter and only when the account or expenditure for which it is to be given in payment has been approved by the authority. Acts 1947, No. 167, § 10; A.S.A. 1947, § 19-2729; Acts 1997, No. 1045, § 1.