The corporation shall not deposit any of its funds in any 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 any director who is an officer or director of the depository so designated.

HISTORY: Former 33-37-40, titled Establishment and maintenance of surplus, had the following history: 1962 Code SECTION 12-1104; 1958 (50) 1886. Reserved by 2015 Act No. 60, SECTION 1, eff June 4, 2015.

Effect of Amendment

2015 Act No. 60, SECTION 1, substituted "unless the institution" for "unless such institution".

SECTIONS 33-37-30, 33-37-40. Reserved.