155.150 Restrictions on deposits. (1) 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. (2) The corporation shall not receive money on deposit except for purposes stated in this chapter. Effective: March 21, 1960 History: Created 1960 Ky. Acts ch. 73, sec. 15, effective March 21, 1960.
Kentucky Legal Code