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Marginalia
Code · Kentucky · Chapter 155 — Business development corporations

155.150 Restrictions on deposits.

73 words·~1 min read·/ky/chapter-155/155-150

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The corporation shall 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.
(2)The corporation shall not receive money on deposit except for purposes stated in
this chapter.
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