Alaska Statutes 10.10.140 – Designation of depository; prohibition against receiving deposits
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Alaska Statutes 10.10.140
- board of directors: means the board of directors of the corporation created under this chapter. See Alaska Statutes 10.10.210
- corporation: means the Alaska Business and Industrial Development Corporation created under this chapter. See Alaska Statutes 10.10.210
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
The corporation may not deposit any of its funds in a 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 a director who is an officer or director of the depository. The corporation may not receive money on deposit.