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2018 Indiana Code
TITLE 23. Business and other Associations
ARTICLE 6. PUBLIC CORPORATIONS AND ASSOCIATIONS
CHAPTER 4. Indiana Business Development Credit Corporation Law
23-6-4-18. Deposits of funds
Universal Citation: IN Code § 23-6-4-18 (2018)
IC 23-6-4-18 Deposits of funds
Sec. 18. (a) A credit corporation may deposit its funds only in a financial institution that has been designated as a depository by a vote of a majority of the directors of the credit corporation present at an authorized meeting of the board of directors. However, a director of the credit corporation who is also an officer or director of a financial institution may not vote on a proposal to designate that financial institution as a depository and may not be counted as being present when a vote on such a proposal is taken.
(b) A credit corporation may not receive money on deposit.
As added by P.L.236-1985, SEC.1.
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