KRS 155.150: Restrictions on deposits.

(1) 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 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.

(2) The corporation shall not receive money on deposit except for purposes stated in

this chapter.