If, in any financial institution referred to in section 19401 of this title, there are deposits of public money belonging to the State or any political subdivision thereof, the State Treasurer, if the deposit belongs to the State, and the Treasurer of any political subdivision thereof, by and with the consent of the governing body of the political subdivision to which any such deposit may belong, may join with other depositors of the financial institution in a plan for the reopening or reorganizing thereof or the establishment of a new financial institution, or the restricting of the withdrawal of deposits and for that purpose may bind the State or political subdivision thereof after being duly authorized so to do as herein provided, to limit withdrawals from that deposit over a period of time and in accordance with the plan as may have been agreed to by the other depositors of the financial institution joining in the plan. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)