Sec. 18. (a) A credit corporation may deposit its funds only in a financial institution that has been designated as a depository by a vote of a majority of the directors of the credit corporation present at an authorized meeting of the board of directors. However, a director of the credit corporation who is also an officer or director of a financial institution may not vote on a proposal to designate that financial institution as a depository and may not be counted as being present when a vote on such a proposal is taken.

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Terms Used In Indiana Code 23-6-4-18

  • 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.
  • credit corporation: means a corporation to which the secretary of state has issued a certificate of election under section 8 of this chapter. See Indiana Code 23-6-4-1
     (b) A credit corporation may not receive money on deposit.

As added by P.L.236-1985, SEC.1.

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