Texas § 23.070 DEPOSITORY.

Texas Statutes

§ 23.070 — DEPOSITORY.

Texas § 23.070

Code BOBusiness Organizations Code

This text of Texas § 23.070 (DEPOSITORY.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Business Organizations Code Code Ann. § 23.070 (2026).

Text

Sec. 23.070. DEPOSITORY.

(a)A corporation may deposit the corporation's funds in a banking institution that has been designated as a depository by a vote of the majority of the directors present at an authorized meeting of the board of directors of the corporation, excluding a director who is an officer or director of the designated depository.

(b)The corporation may not receive money on deposit.

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Sec. 23.070. DEPOSITORY. (a) A corporation may deposit the corporation's funds in a banking institution that has been designated as a depository by a vote of the majority of the directors present at an authorized meeting of the board of directors of the corporation, excluding a director who is an officer or director of the designated depository.
(b) The corporation may not receive money on deposit.