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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 371

previous next Effective - 28 Aug 1961bottom

  371.170.  Deposits and loans of funds, regulation — not to receive deposits. — The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depositary by a vote of a majority of the directors, exclusive of any director who is an officer or director of the depositary so designated.  The corporation shall not receive money on deposit.  No loans shall be made directly or indirectly to any officer of the corporation or to any firm of which such officer is a member or officer.

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(L. 1961 p. 157 § 16)


---- end of effective   28 Aug 1961 ----

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