Code of Virginia § 13.1-996. Corporation not authorized to receive money on deposit; deposit of funds of corporation.
66 words·~1 min read·
/va/title-13-1/chapter-11/13-1-996·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No corporation organized under the provisions of this chapter shall at any time be authorized to receive money on deposit. The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by appropriate vote of the board of directors or executive committee.
Code 1950, § 13.1-153; 1960, c. 80; 1972, c. 693; 1985, c. 522.