State Codes and Statutes

Statutes > Arkansas > Title-23 > Subtitle-2 > Chapter-36 > 23-36-114

23-36-114. Deposit of funds.

No industrial loan institution shall deposit any of its funds in any banking corporation unless the corporation has been designated as a depository by vote of a majority of directors, or of the executive committee, exclusive of any director who is an officer, director, or trustee of the depository so designated, present at any duly called meeting at which a quorum is in attendance.

State Codes and Statutes

Statutes > Arkansas > Title-23 > Subtitle-2 > Chapter-36 > 23-36-114

23-36-114. Deposit of funds.

No industrial loan institution shall deposit any of its funds in any banking corporation unless the corporation has been designated as a depository by vote of a majority of directors, or of the executive committee, exclusive of any director who is an officer, director, or trustee of the depository so designated, present at any duly called meeting at which a quorum is in attendance.