Tennessee Statutes
§ 48-101-117 — Deposit of funds
Tennessee·Title 48
(a)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.
(b)The corporation shall not receive money on deposit.
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Legislative History
Acts 1959, ch. 170, § 12; T.C.A., §§ 48-1717, 48-3-117.
Nearby Sections
15
§ 48-1-101
Short title§ 48-1-102
Part definitions§ 48-1-103
Exemptions§ 48-1-105
Registration by coordination§ 48-1-106
Registration by qualification§ 48-1-109
Registration as broker-dealers, agents, investment advisers, and investment adviser representatives§ 48-1-111
Records and reports - Examinations§ 48-1-115
Administration