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Corporations | |
Business Development Corporations | |
Section 11 | Designation of depository. |
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16-13-11. Designation of depository. A development corporation may not deposit any of its funds in any banking institution unless such 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 any director who is an officer or director of the depository so designated. A development corporation may not receive money on deposit.
Amended by Chapter 378, 2010 General Session |
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