(1) the depository will pay to the Commissioner of Finance or other authorized officer all governmental funds deposited with it, free of exchange or other charge, at any place in the Virgin Islands designated by him; if the deposit is a time deposit it shall be paid, together with interest, only when due; and
(2) in case of default by the depository, the government of the United States Virgin Islands may sell the collateral, or as much of it as is necessary to realize the full amount due from the depository, and pay any surplus to the depository or its assigns.