N.J. Stat. § 54:4-122.3: Deposit of tax collections and other public moneys in designated banks or trust companies

Tax collections and other public moneys of municipalities shall continue to be deposited in banks or trust companies duly designated pursuant to the provisions of sections 40:5-3 and 40:5-4, and fiscal officers shall continue to be relieved of any liability for loss thereof, caused by the insolvency or closing of such depositories, pursuant to the provisions of section 40:5-5 of the Revised Statutes.

L.1940, c. 257, p. 968, s. 3.