§ 13.1-996 Corporation not authorized to receive money on deposit; deposit of funds of corporation
No corporation organized under the provisions of this chapter shall at any time be authorized to receive money on deposit. The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by appropriate vote of the board of directors or executive committee.
History
The record of this law’s original creation isn’t available online. It has been modified 3 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1960, chapter 80; in 1972, chapter 693; in 1985, chapter 522.
Code 1950, § 13.1-153; 1960, c. 80; 1972, c. 693; 1985, c. 522.