81-12-89 - Deposit of association funds; approval by directors.
§ 81-12-89. Deposit of association funds; approval by directors.
No association shall deposit any of its funds, except with a depository approved by a vote of a majority of the directors authorized by the association, any director who is an officer, partner, director, or trustee of the depository so designated taking no part in such vote.
Sources: Laws, 1977, ch. 445, § 26; reenacted, 1982, ch. 301, § 45; Laws, 1990 Ex Sess, ch. 52, § 46; Laws, 1993, ch. 441, § 46; Laws, 1994, ch. 622, § 78; reenacted without change, Laws, 1997, ch. 496, § 43; reenacted without change, Laws, 2001, ch. 488, § 45, eff from and after July 1, 2001.