- (a) A corporation may deposit the corporation's funds in a banking institution that has been designated as a depository by a vote of the majority of the directors present at an authorized meeting of the board of directors of the corporation, excluding a director who is an officer or director of the designated depository.
- (b) The corporation may not receive money on deposit.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.