13.1-996 - Corporation not authorized to receive money on deposit; deposit of funds of corporation. - Virginia Statutes

§ 13.1-996. Corporation not authorized to receive money on deposit; depositof funds of corporation.

No corporation organized under the provisions of this chapter shall at anytime be authorized to receive money on deposit. The corporation shall notdeposit any of its funds in any banking institution unless such institutionhas been designated as a depository by appropriate vote of the board ofdirectors or executive committee.

(Code 1950, § 13.1-153; 1960, c. 80; 1972, c. 693; 1985, c. 522.)