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KENTUCKY STATUTES AND CODES
155.150 Restrictions on deposits.
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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.
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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.
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