Alabama Statutes
§ 10A-20-7.17 — Deposit of Funds in Designated Depository
Alabama § 10A-20-7.17
JurisdictionAlabama
Title 10AAlabama Business and Nonprofit Entities Code
Ch. 20Special Purpose Entities
Art. 7Industrial Development Corporation
This text of Alabama § 10A-20-7.17 (Deposit of Funds in Designated Depository) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Ala. Code § 10A-20-7.17 (2026).
Text
The corporation shall not deposit any of its funds in any 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 any director who is an officer or director of the depository so designated. The corporation shall not receive money on deposit.
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Legislative History
(Acts 1969, No. 322, p. 681, §11; §10-4-146; amended and renumbered by Act 2009-513, p. 967, §336.)
Nearby Sections
15
§ 10A-1-1.01
Short Title§ 10A-1-1.02
Applicability of Chapter§ 10A-1-1.03
Definitions§ 10A-1-1.04
Disinterested Person§ 10A-1-1.05
Conspicuous Information§ 10A-1-1.06
Synonymous Terms§ 10A-1-1.07
Signing of Document or Other Writing§ 10A-1-1.08
Short Titles§ 10A-1-1.09
Reference in Law to Statute Revised by Title§ 10A-1-1.10
Reservation of Power§ 10A-1-1.11
Law Governing Filing Entities§ 10A-1-1.12
Entities Not Formed by Filing Instrument§ 10A-1-1.13
Internal Affairs§ 10A-1-2.01
General Scope of Permissible Purposes§ 10A-1-2.02
Prohibited PurposesCite This Page — Counsel Stack
Bluebook (online)
Alabama § 10A-20-7.17, Counsel Stack Legal Research, https://law.counselstack.com/statute/al/10A-20-7.17.