(a) 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.(b) The corporation shall not receive money on deposit.Acts 1959, ch. 170, § 12; T.C.A., §§ 48-1717, 48-3-117.
Tennessee Legal Code