Alabama § 10A-20-7.17 - Deposit of Funds in Designated Depository.
Full text of Alabama Code of Alabama § 10A-20-7.17 — Deposit of Funds in Designated Depository., with citation guidance and answers to common questions.
§ 10A-20-7.17. Deposit of Funds in Designated Depository.
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.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 10A-20-7.17
What does Code of Alabama § 10A-20-7.17 cover?
Section 10A-20-7.17 ("Deposit of Funds in Designated Depository.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 10A-20-7.17?
A common citation format is "Code of Alabama § 10A-20-7.17" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 10A-20-7.17 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.