No association shall deposit any of its funds, except with a depository approved by a vote of a majority of the directors authorized by the association, any director who is an officer, partner, director, or trustee of the depository so designated taking no part in such vote.Laws, 1977, ch. 445, § 26; reenacted, Laws, 1982, ch. 301, § 45; Laws, 1990 Ex Sess, ch. 52, § 46; Laws, 1993, ch. 441, § 46; Laws, 1994, ch. 622, § 78; reenacted without change, Laws, 1997, ch. 496, § 43; reenacted without change, Laws, 2001, ch. 488, § 45, eff. 7/1/2001.
Mississippi Legal Code