Indiana Statutes
§ 23-6-4-18 — Deposits of funds
Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 6 PUBLIC CORPORATIONS AND ASSOCIATIONS·Ch. 4 Indiana Business Development Credit Corporation Law
(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.
(b)A credit corporation may not receive money on deposit.
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Legislative History
As added by P.L.236-1985, SEC.1.
Nearby Sections
15
§ 23-0.5-1-1
Short title§ 23-0.5-1-2
Application§ 23-0.5-1-3
Application; exceptions§ 23-0.5-1-4
Delivery of record§ 23-0.5-1-5
Rules and procedures§ 23-0.5-1-6
Terms dependent on facts ascertainable outside the plan or filed
document; articles of amendment§ 23-0.5-1.5-1
Application of definitions§ 23-0.5-1.5-10
"Filed record"§ 23-0.5-1.5-11
"Filing entity"§ 23-0.5-1.5-12
"Foreign"§ 23-0.5-1.5-13
"General partnership"§ 23-0.5-1.5-14
"Governance interest"§ 23-0.5-1.5-15
"Governing person"§ 23-0.5-1.5-16
"Interest"§ 23-0.5-1.5-17
"Interest holder"