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2017 West Virginia Code
CHAPTER 31. CORPORATIONS.
ARTICLE 14. WEST VIRGINIA BUSINESS DEVELOPMENT CORPORATIONS.
§31-14-11. Corporation not to receive deposits; designation of depository bank.
Universal Citation: WV Code § 31-14-11 (2017)
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.
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