Section 106. Deposit of moneys by state officers, state institutions and charitable and benevolent institutions

Such  moneys  received  by  the
  commissioner  of taxation and finance as are now deposited to the credit
  of the comptroller pursuant to statute, and  thereafter  paid  into  the
  state  treasury,  shall  be  deposited  by  him  to  the  credit  of the
  comptroller in such bank or trust company as shall be designated by  the
  comptroller at such rate of interest, if any, as shall be agreed upon by
  the depositary and the comptroller.
    All  other moneys received by the commissioner of taxation and finance
  except as provided in section one hundred five of this article  and  all
  moneys  received  by  any  other state officer or other person receiving
  moneys belonging to the state, or for which such state officer or  other
  person  may  be  responsible  in  his  official capacity, and all moneys
  received by any state institution, except for moneys  received  pursuant
  to a clinical practice plan established pursuant to subdivision fourteen
  of  section  two  hundred  six  of  the public health law and all moneys
  received from the state by  any  charitable  or  benevolent  institution
  supported in whole or in part by the state, shall be deposited to his or
  its  credit  in such bank or trust company as shall be designated by the
  comptroller at such rate of interest, if any, as shall be agreed upon by
  the depositary and the comptroller.
    Every bank or trust company designated  by  the  comptroller  for  the
  deposit of any such moneys
    A. Shall give a bond with sufficient sureties for the security of such
  deposit, to be approved by the comptroller and filed in his office,
    B.  Or  shall, in lieu of such surety bond, with the permission of the
  comptroller deposit with  the  comptroller  such  outstanding  unmatured
  bonds  or  notes  or  such certified check or checks as are described in
  section one hundred five of this article. The comptroller  may,  in  his
  discretion,  accept  and  substitute  for any surety bond or undertaking
  given, pursuant to this section, a bond or undertaking in such form  and
  with  other  surety  or  sureties, or other security as required by this
  section, for such  sums  as  may  be  prescribed  and  approved  by  the
  comptroller  for  the  safe keeping and prompt payment of such moneys on
  legal demand therefor with interest, if any,  and  the  comptroller  may
  thereupon execute and deliver to the surety or sureties, upon the former
  bond  or  undertaking,  a  release  of  such surety or sureties from any
  liability accruing subsequent to the date of such release. Such  release
  shall not relieve such surety or sureties from any obligation for losses
  incurred prior to the date thereof. On the withdrawal of all moneys from
  any such depository and a closing and settlement of the account thereof,
  the  comptroller  may  in  his discretion certify to such settlement and
  release to the obligor or owner or  owners  entitled  thereto,  of  such
  surety  bond,  undertaking, certified check or checks, or other security
  deposited with him.
    This section shall not apply to any funds held by  the  superintendent
  of banks or the superintendent of insurance in a fiduciary capacity.