No industrial loan institution shall deposit any of its funds in any banking corporation unless the corporation has been designated as a depository by vote of a majority of directors, or of the executive committee, exclusive of any director who is an officer, director, or trustee of the depository so designated, present at any duly called meeting at which a quorum is in attendance.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 36 - Industrial Loan Institutions
§ 23-36-105. Supervision by Bank Commissioner
§ 23-36-106. Statement on call
§ 23-36-107. Examinations and fees
§ 23-36-110. Loans insured by federal government
§ 23-36-112. Late charge for default in payment
§ 23-36-116. Authority of Bank Commissioner to take charge
§ 23-36-117. Classification of creditors — Payment of claims