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.

Terms Used In Alaska Statutes 10.10.140 - Designation of depository; prohibition against receiving deposits

  • board of directors: means the board of directors of the corporation created under this chapter;

    (2) "commissioner" means the commissioner of commerce, community, and economic development;

    (3) "corporation" means the Alaska Business and Industrial Development Corporation created under this chapter;

    (4) "financial institution" means a banking corporation or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, or other institution engaged primarily in lending or investing funds;

    (5) "loan limit" means for any member, the maximum amount permitted to be outstanding at one time on loans made by the member to the corporation, as determined under this chapter;

    (6) "member" means a financial institution authorized to do business within this state that undertakes to lend money to a corporation created under this chapter, upon its call, and in accordance with this chapter. See Alaska Statutes 10.10.210