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. Code 1981, § 7-1-953 , enacted by Ga. L. 1988, p. 804, § 1.
Structure Georgia Code
Chapter 1 - Financial Institutions
Article 12 - Small Minority Business Development Corporations
§ 7-1-942. Approval of Articles by Department
§ 7-1-943. Standards for Approval of Articles by Department; Timing
§ 7-1-944. Filing Departmental Approval With Secretary of State
§ 7-1-946. Bond and Stock Holding Authority; Member Loans to Corporation Not Discriminatory
§ 7-1-947. Application for Membership; Requirements for Loans to Corporation; Member Loan Limits
§ 7-1-948. Duration of Membership; Withdrawal
§ 7-1-949. Powers of Shareholders and Members
§ 7-1-950. Amendment of Articles
§ 7-1-951. Board of Directors; Officers and Agents
§ 7-1-952. Setting Apart Net Earnings; Fiscal Year
§ 7-1-953. Deposit of Corporate Funds
§ 7-1-954. Departmental Power Over Corporations
§ 7-1-956. Duration of Corporation; Dissolution
§ 7-1-957. State Indebtedness Not to Be Created
§ 7-1-958. Tax Exemptions, Credits, and Privileges; Occupational License Taxes