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155.150 Restrictions on deposits.

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155.150 Restrictions on deposits. (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 <br>directors present at an authorized meeting of the board of directors, exclusive of any <br>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. Effective: March 21, 1960 <br>History: Created 1960 Ky. Acts ch. 73, sec. 15, effective March 21, 1960.