Deposit of funds

7-49-117. Deposit of funds. 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. Source: L. 75: Entire article added, p. 270, � 1, effective June 29.