In response to your request, I am pleased to furnish the following explanation:
The Corporation of the President of the Church of Jesus Christ of Latter-day Saints is a corporation sole, organized under the laws of the State of Utah for religious and charitable purposes. The President of the Church is the corporation. It has no Board of Directors nor other officers. Since my official position as President of the Church constitutes me the Corporation of the President, I am therefore fully empowered to conduct the business of the Corporation, which includes depositing funds at any bank and withdrawing same by check or order.
[Heber J. Grant, Letter to W. H. Hayne, 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]
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