No corporation formed under the provisions of this article 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 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.
Source: L. 65: p. 452, § 1. C.R.S. 1963: § 31-23-14. L. 2003: Entire section amended, p. 2210, § 34, effective July 1, 2004.
Structure Colorado Code
Title 7 - Corporations and Associations
Article 48 - Business Development Corporations
§ 7-48-103. Incorporation - Applicability of "Colorado Business Corporation Act"
§ 7-48-104. Domestic Entity Name
§ 7-48-105. Approval of Governor
§ 7-48-106. Restrictions on Powers
§ 7-48-107. Acquisition or Disposition of Securities and Capital Stock
§ 7-48-108. Membership - Loans From Members
§ 7-48-109. Capital Stock - Stockholders and Members
§ 7-48-111. Amendments to Articles of Incorporation