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.
HISTORY: 1962 Code Section 12-1202; 1960 (51) 1907.
Structure South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 39 - County Business Development Corporations
Section 33-39-10. Definitions.
Section 33-39-20. Deposit of funds.
Section 33-39-30. Corporation shall not accept deposits.
Section 33-39-40. Establishment and maintenance of surplus.
Section 33-39-50. Credit of county is not pledged.
Section 33-39-60. Corporation and its securities exempt from taxes.
Section 33-39-210. Filing declaration of charter; contents.
Section 33-39-220. Additional contents of declaration of charter.
Section 33-39-230. Charter shall be void unless business begun within three years.
Section 33-39-240. Calling first meeting; organization; quorum.
Section 33-39-260. Amendment of charter.
Section 33-39-270. Approval by Secretary of State and filing of articles of amendment.
Section 33-39-410. Who may become members, stockholders or bondholders.
Section 33-39-420. Application for membership.
Section 33-39-430. Duration of membership; withdrawal.
Section 33-39-440. Powers of stockholders and members.
Section 33-39-450. Voting by stockholders and members.
Section 33-39-460. Loans to corporation by members.
Section 33-39-610. Management of corporation.
Section 33-39-620. Board of directors; membership; powers.