No industrial loan institution shall deposit any of its funds in any banking corporation unless the corporation has been designated as a depository by vote of a majority of directors, or of the executive committee, exclusive of any director who is an officer, director, or trustee of the depository so designated, present at any duly called meeting at which a quorum is in attendance.Acts 1941, No. 111, § 7; A.S.A. 1947, § 67-1007.
Arkansas Legal Code