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2019 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 37 - Business Development Corporations
Section 33-37-20. Deposit of funds.
Universal Citation: SC Code § 33-37-20 (2019)
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.
HISTORY: 1962 Code Section 12-1102; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.
Effect of Amendment
2015 Act No. 60, Section 1, substituted "unless the institution" for "unless such institution".
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