As Amended
SEC. 79-5-27. Designation of depository; corporation may not receive deposits.
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 board of directors, or executive committee when joint control is being exercised, present at an authorized meeting of such board or committee, as the case may be. An officer or director of the depository so designated shall not be qualified to vote on such matter.
The corporation shall not receive money on deposit.
SOURCES: Codes, 1942, Sec. 5390-14; Laws, 1960, ch. 186, Sec. 14, eff from and after passage (approved March 23, 1960).