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. The corporation shall not receive money on deposit.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 20 - Special Purpose Entities.
Article 7 - Industrial Development Corporation.
Section 10A-20-7.01 - Definitions.
Section 10A-20-7.02 - Incorporation.
Section 10A-20-7.03 - First Meeting.
Section 10A-20-7.04 - Powers of Corporation.
Section 10A-20-7.05 - Membership - Application; When Effective.
Section 10A-20-7.06 - Membership - Withdrawal.
Section 10A-20-7.07 - Directors and Officers.
Section 10A-20-7.08 - Corporation to Be State Development Company.
Section 10A-20-7.09 - Powers of Stockholders and Members.
Section 10A-20-7.11 - Loans to Corporation by Members.
Section 10A-20-7.12 - Credit of State Not to Be Pledged.
Section 10A-20-7.13 - Taking of Security by Mortgage or Otherwise.
Section 10A-20-7.14 - Tax Exemptions, Credits, and Privileges.
Section 10A-20-7.15 - Occupational License Taxes.
Section 10A-20-7.16 - Setting Apart of Earned Surplus.
Section 10A-20-7.17 - Deposit of Funds in Designated Depository.
Section 10A-20-7.18 - Annual Examination and Reports.
Section 10A-20-7.19 - Fiscal Year.
Section 10A-20-7.20 - Amendment of Certificate of Formation.
Section 10A-20-7.21 - Duration of Corporation.
Section 10A-20-7.22 - Dissolution.
Section 10A-20-7.23 - Applicability of Laws Regulating Securities.