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.
Structure Code of Virginia
Chapter 11 - Industrial Development Corporations
§ 13.1-985. Governor to approve articles of incorporation
§ 13.1-986. How funds may be derived
§ 13.1-987. Restrictions on powers of corporation
§ 13.1-988. Acquisition, transfer, etc., of securities and shares of corporation
§ 13.1-989. Membership in corporation; loans from members
§ 13.1-990. Shares and shareholders
§ 13.1-992. Executive committee
§ 13.1-993. Restrictions on amendments to articles of incorporation
§ 13.1-995. Members to have rights of shareholders
§ 13.1-996. Corporation not authorized to receive money on deposit; deposit of funds of corporation