496B.15 Deposit of funds.
No development corporation shall deposit any of its funds in any financial institution unless such institution has been designated as a depository by a vote of a majority of the directors present at any authorized meeting of the board of directors exclusive of any director who is an officer or director of the depository so designated. No development corporation shall receive money on deposit.
[C66, 71, 73, 75, 77, 79, 81, §496B.15]
Structure Iowa Code
Chapter 496B - ECONOMIC DEVELOPMENT CORPORATIONS
Section 496B.1 - Title of Act.
Section 496B.3 - Authorized corporations.
Section 496B.7 - Stock — limitations.
Section 496B.8 - Stockholders’ privileges.
Section 496B.9 - Loan procedures.
Section 496B.10 - Duration of membership.
Section 496B.11 - Powers of shareholders.
Section 496B.12 - Articles amended.
Section 496B.13 - Board of directors.
Section 496B.14 - Earned surplus set aside.
Section 496B.15 - Deposit of funds.
Section 496B.16 - Reports to department of economic development.
Section 496B.17 - Certificate to do business.