The corporation shall not deposit any of its funds in any bank or other financial 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. The corporation shall not receive money on deposit.
History. Ga. L. 1972, p. 798, § 13; Code 1933, § 41A-3414, enacted by Ga. L. 1974, p. 705, § 1.
Structure Georgia Code
Chapter 1 - Financial Institutions
Article 6 - Business Development Corporations
§ 7-1-741. Contents, Execution, and Presentation of Articles
§ 7-1-742. Action on Articles by Department; Preconditions to Doing Business
§ 7-1-743. Approval or Disapproval of Department
§ 7-1-745. Powers of Corporation
§ 7-1-746. Right to Deal in Corporation’s Stock or Obligations
§ 7-1-747. Applying for Membership; Loans by Members
§ 7-1-748. Duration of Membership; Withdrawal
§ 7-1-749. Powers of Shareholders and Members; Voting
§ 7-1-750. Amendment of Articles
§ 7-1-751. Board of Directors; Officers and Agents
§ 7-1-752. Earned Surplus; Fiscal Year
§ 7-1-753. Deposit of Corporate Funds; Corporation Not to Accept Deposits
§ 7-1-755. First Meeting and Organization
§ 7-1-756. Duration and Dissolution of Corporation
§ 7-1-757. State Credit Not Pledged
§ 7-1-758. Tax Exemptions; State and Local Occupational License Taxes