Depository Accounts.
Section 11
SEC. 11. Depository Accounts.—Local treasurers shall maintain their depository accounts with Banks duly designated as government depositories by the Central Bank of the Philippines. Municipal treasurers shall deposit their funds with the provincial treasurer who, in turn, shall deposit the same with the duly designated banks. Provincial, city and municipal treasurers may directly deposit with duly designated banks excess local funds under time deposit accounts, upon resolution of the local legislative body and upon approval by the provincial treasurer and the provincial auditor, in the case of municipal funds. Earnings of such deposits shall accrue to the proper funds.