State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-142

§53‑142.  Restriction on powers.

No industrial bank shalldeposit any of its funds in any banking corporation unless such corporation hasbeen designated as such depositary by a vote of a majority of the directors, orof the executive committee, exclusive of any director who is an officer,director, or trustee of the depositary so designated, present at any meetingduly called at which a quorum is in attendance, and approved by theCommissioner of Banks. (1923, c. 225, s. 7; C.S., s. 225(g); 1931, c. 243, s.5; 1937, c. 220.)