Alaska Statutes 10.10.140 – Designation of depository; prohibition against receiving deposits
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Terms Used In Alaska Statutes 10.10.140
- board of directors: means the board of directors of the corporation created under this chapter. See Alaska Statutes 10.10.210
- 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: means the Alaska Business and Industrial Development Corporation created under this chapter. See Alaska Statutes 10.10.210
The corporation may not deposit any of its funds in a banking institution unless the 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 a director who is an officer or director of the depository. The corporation may not receive money on deposit.