Section 10.10.140. Designation of depository; prohibition against receiving deposits.

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The corporation may not deposit any of its funds in a banking institution unless the institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of a director who is an officer or director of the depository. The corporation may not receive money on deposit.

Notes

History

(Sec. 1 ch 94 SLA 1967)

                    
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