Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 1. FINANCIAL INSTITUTIONS · Article 12. SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS

7-1-953. Deposit of corporate funds.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

The corporation shall not deposit any of its funds in any bank or other financial 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. The corporation shall not receive money on deposit.

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

Code 1981, § 7-1-953, enacted by Ga. L. 1988, p. 804, § 1.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t7-t8-(v5)-2024-pdf.pdf, Volume V5, 2024 edition, page 537; merge action: carried; file SHA-256 5c69f28428d8.