371.170. Deposits and loans of funds, regulation--not to receive deposits. - Missouri Statutes

Deposits and loans of funds, regulation--not to receive deposits.

371.170. The corporation shall not deposit any of its fundsin any banking institution unless such institution has beendesignated as a depositary by a vote of a majority of thedirectors, exclusive of any director who is an officer ordirector of the depositary so designated. The corporation shallnot receive money on deposit. No loans shall be made directly orindirectly to any officer of the corporation or to any firm ofwhich such officer is a member or officer.

(L. 1961 p. 157 § 16)