301.81 DEPOSIT OF FUNDS.
The corporation shall not deposit any of its funds in any banking institution unless such
institution has been designated as a depository by a vote of a majority of the directors, exclusive
of any director who is an officer or director of the depository so designated. The corporation shall
not receive money on deposit. No loans shall be made directly or indirectly to any officer of the
corporation or to any firm of which such officer is a member, or officer.
History: 1957 c 896 s 11