No corporation organized under the provisions hereof shall at any time be authorized to receive money on deposit. 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.
Structure West Virginia Code
Article 14. West Virginia Business Development Corporations
§31-14-1. Short Title; Definitions
§31-14-2. Incorporators; Purposes; Agreement of Incorporation
§31-14-3. Authorized Capital Stock; Description of Shares; Consideration for Sale of Shares
§31-14-4. Issuance of Charter; Exemption From License Tax
§31-14-6. Board of Directors; Officers
§31-14-7. Financial Institutions as Members of Corporation; Loans to Corporation by Members
§31-14-8. Powers of Stockholders and Members; Voting
§31-14-8a. Statewide Corporation; Economic Regions Created; Loan Committees
§31-14-10. Creation of Surplus From Annual Net Earnings
§31-14-11. Corporation Not to Receive Deposits; Designation of Depository Bank
§31-14-12. Examination by and Reports to Banking Commissioner
§31-14-14. Amendment of Charter