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.
Va. Code Ann. § 13.1-996
Corporation not authorized to receive money on deposit; deposit of funds of corporation
Known as the Virginia Industrial Development Corporation Act
The act spans §§ 13.1-981 to 13.1-998 (18 sections).
Code 1950, § 13.1-153; 1960, c. 80; 1972, c. 693; 1985, c. 522.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.