{"data":{"id":"us-al/ala.-code-10a-20-7.17","jurisdiction":"us-al","citation":"Ala. Code § 10A-20-7.17","heading":"Deposit of Funds in Designated Depository.","body":"The corporation shall not deposit any of its funds in any banking institution unless the 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. The corporation shall not receive money on deposit.","path":["Title 10A Alabama Business and Nonprofit Entities Code.","Chapter 20 Special Purpose Entities.","Article 7 Industrial Development Corporation."],"source_url":"https://alison.legislature.state.al.us/code-of-alabama?section=10A-20-7.17","current_through":"Act 2026-611","vintage":"","retrieved_at":"2026-09-03T14:01:53Z","sha256":"65c08d4dc9f836273b7a53b647e94225ffe149d98088b07dc1e904e1474f2730","source_id":"us-al","stale":false,"prev":"us-al/ala.-code-10a-20-7.16","next":"us-al/ala.-code-10a-20-7.18"},"notice":"GroundRules: Original legal text. Not legal advice."}