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O.C.G.A. § 7-1-753 — Deposit of corporate funds; corporation not to accept deposits | Georgia Code

O.C.G.A. § 7-1-753 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 7 BANKING AND FINANCE

Section 1. Financial Institutions, 7-1-1 through 7-1-1021.

ARTICLE 6 BUSINESS DEVELOPMENT CORPORATIONS

7-1-753. Deposit of corporate funds; corporation not to accept deposits.

The corporation shall not deposit any of its funds in any bank or other financial 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. The corporation shall not receive money on deposit.

(Ga. L. 1972, p. 798, § 13; Code 1933, § 41A-3414, enacted by Ga. L. 1974, p. 705, § 1.)

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This Georgia Code resource is curated by Graham W. Syfert, Esq., a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. For legal consultation, call 904-383-7448.