Montana Statutes
§ 32-4-305 — Deposit Of Funds
Montana·Title 32 FINANCIAL INSTITUTIONS·Ch. 4 DEVELOPMENT CORPORATION ACT·Part 3 Operation and Regulation
32-4-305 . Deposit of funds.
(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 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.
(2)The corporation shall not receive money on deposit.
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Legislative History
En. Sec. 13, Ch. 128, L. 1969; R.C.M. 1947, 15-2613.
Nearby Sections
15
§ 32-4-101
Definitions§ 32-4-102
Purpose§ 32-4-104
Application Of Corporation Law§ 32-4-202
Duration§ 32-4-203
Certificate Of Incorporation§ 32-4-204
Effect Of Failure To Commence Business§ 32-4-205
Amendment Of Articles Of Incorporation§ 32-4-206
Board Of Directors§ 32-4-207
First Meeting Of Corporation§ 32-4-208
Stock Ownership And Limitations§ 32-4-301
Powers Of Stockholders§ 32-4-303
Withdrawal Of Membership