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Virginia Law

Code of Virginia

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Code of Virginia
Title 13.1. Corporations
Chapter 11. Industrial Development Corporations
7/1/2025

§ 13.1-996. Corporation not authorized to receive money on deposit; deposit of funds of corporation.

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.

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

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.