CODE OF VIRGINIA

CORPORATION NOT AUTHORIZED TO RECEIVE MONEY ON DEPOSIT; DEPOSIT OF FUNDS OF
CORPORATION (§ 13.1-996)

No corporation organized under the provisions of this chapter shall at any time
be authorized to receive money on deposit. The corporation shall not deposit any
of its funds in any banking institution unless such institution has been
designated as a depository by appropriate vote of the board of directors or
executive committee.

HISTORY: Code 1950, § 13.1-153; 1960, c. 80; 1972, c. 693; 1985, c. 522.