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. 75: Entire article added, p. 270, § 1, effective June 29.
Structure Colorado Code
Title 7 - Corporations and Associations
§ 7-49-101. Legislative Declaration
§ 7-49-103. Corporation Authorized
§ 7-49-105. Approval of Governor and State Treasurer
§ 7-49-106. Election of Board of Directors
§ 7-49-107. Restrictions on Powers
§ 7-49-108. Membership - Loans From Members
§ 7-49-109. Loan Insurance Fund Established
§ 7-49-110. Mortgage Loans Eligible for Insurance
§ 7-49-111. Percentage of Insurance
§ 7-49-112. Processing Loans for Insurance
§ 7-49-113. Eligible Properties
§ 7-49-114. Working Capital Fund
§ 7-49-115. Division of Housing - Assistance
§ 7-49-116. Nonliability of State for Mortgage Insurance Commitments