The corporation shall not deposit any of its funds in any banking institution unless the 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.
S.C. Code Ann. § 33-37-20
Deposit of funds
1962 Code SECTION 12-1102; 1958 (50) 1886; 2015 Act No. 60 (S.389), SECTION 1, eff June 4, 2015.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.