(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.
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Terms Used In Kentucky Statutes 155.150

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010

Effective: March 21, 1960
History: Created 1960 Ky. Acts ch. 73, sec. 15, effective March 21, 1960.

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