---
title: O.C.G.A. § 7-1-953. Deposit of corporate funds.
collection: code
id: 7-1-953
cite_as: O.C.G.A. § 7-1-953 (2025)
canonical_url: https://georgiacommons.org/code/7-1-953
md_url: https://georgiacommons.org/code/7-1-953.md
text_url: https://georgiacommons.org/code/7-1-953/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t7-t8-(v5)-2024-pdf.pdf?sfvrsn=6386add7_0#page=537
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
up: https://georgiacommons.org/code/7-1.md
previous: https://georgiacommons.org/code/7-1-952.md
next: https://georgiacommons.org/code/7-1-954.md
index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: BANKING AND FINANCE / FINANCIAL INSTITUTIONS / SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS
---

# O.C.G.A. § 7-1-953. Deposit of corporate funds.

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.

## History

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