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2018 Utah Code
Title 16 - Corporations
Chapter 13 - Business Development Corporations
Section 11 - Designation of depository.
Universal Citation: UT Code § 16-13-11 (2018)
16-13-11. Designation of depository.
A development corporation may 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. A development corporation may not receive money on deposit.
Amended by Chapter 378, 2010 General Session
A development corporation may 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. A development corporation may not receive money on deposit.
Amended by Chapter 378, 2010 General Session
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