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Texas Business Organizations Code - Section 23.070. Depository

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§ 23.070. DEPOSITORY. (a) A corporation may deposit the corporation's funds in a banking institution that has been designated as a depository by a vote of the majority of the directors present at an authorized meeting of the board of directors of the corporation, excluding a director who is an officer or director of the designated depository. (b) The corporation may not receive money on deposit. Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.

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Last modified: August 11, 2007