Investment of Available Money

The Director of Administration, with the written approval of the Governor, may invest such available investment money, as defined in this Chapter, in United States bonds, United States interest-bearing notes, or other United States obligations, and to the extent to which such shares or investment certificates are insured by the Federal Savings and Loan Insurance Corporation, in shares or investment certificates of any savings and loan association organized under the laws of Guam which is an insured institution as defined in Title IV of the National Housing Act and which has been approved by the Director of Administration.