[Heber J. Grant]
For your information, please be advised that the Corporation of the President of the Church of Jesus Christ of Latter-day Saints is a corporation sole, organized under the law of the State of Utah for religious, educational and charitable purposes. It is distinct from the ordinary business corporation in that it has no board of directors and no by-laws. The President of the Church is the corporation. As a corporation sole he is fully empowered and authorized by law to handle all financial and property matters pertaining to the Church, including depositing in banks and checking against the same.
[Heber J. Grant, Letter to Bishop National Bank, Honolulu, as quoted in Minutes of the Apostles of The Church of Jesus Christ of Latter-day Saints, 1910-1951, Privately Published, Salt Lake City, Utah 2010]