16-13-11. 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