{"data":{"id":"us-tx/tex.-business-organizations-code-23.070","jurisdiction":"us-tx","citation":"Tex. Business Organizations Code § 23.070","heading":"DEPOSITORY.","body":"(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.\n(b) The corporation may not receive money on deposit.\nActs 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.","path":["BUSINESS ORGANIZATIONS CODE","TITLE 2. CORPORATIONS","CHAPTER 23. SPECIAL-PURPOSE CORPORATIONS","SUBCHAPTER B. BUSINESS DEVELOPMENT CORPORATIONS"],"source_url":"https://statutes.capitol.texas.gov/Docs/BO/htm/BO.23.htm#23.070","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:46:58Z","sha256":"05fc86f7bbd5e75f88853125cf4a24228dac1085adb7da6d9d31edc33556c6e4","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-business-organizations-code-23.069","next":"us-tx/tex.-business-organizations-code-23.071"},"notice":"GroundRules: Original legal text. Not legal advice."}