Notwithstanding Sections 41001 and 41002, money received from the sources, or for the purposes listed in subdivisions (a) to (h), inclusive, may be deposited in a bank or other financial institution whose accounts are federally insured. Any money so deposited shall be in an account or accounts fully covered by that insurance:
(a) Funds received for the purpose of making loans, scholarships, or grants to students in, or graduates of, a school under the jurisdiction of the governing board of the district.
(b) Funds received for the sale of food or other services performed by one or more cafeterias established in the schools of the district.
(c) Funds received from the sale of produce, livestock, and other products of one or more school farms established in the district.
(d) Clearing accounts established pursuant to Section 41017.
(e) Funds of a student body organization.
(f) Funds in a revolving cash fund established pursuant to Section 42820.
(g) Funds for community recreation programs established pursuant to Chapter 10 (commencing with Section 10900) of Part 7.
(h) Funds that, pursuant to any other law or provision of the California School Accounting Manual, may be deposited in a bank or other federally insured financial institution in lieu of the county treasury.
(Amended by Stats. 1991, Ch. 68, Sec. 1.)