2020 Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 20 - Special Purpose Entities.
Article 7 - Industrial Development Corporation.
Section 10A-20-7.17 - Deposit of Funds in Designated Depository.

Universal Citation: AL Code § 10A-20-7.17 (2020)

Section 10A-20-7.17

Deposit of funds in designated depository.

The corporation shall not deposit any of its funds in any banking institution unless the 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.

(Acts 1969, No. 322, p. 681, §11; §10-4-146; amended and renumbered by Act 2009-513, p. 967, §336.)

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