There is a newer version of the Utah Code
2014 Utah Code
Title 7 - Financial Institutions Act
Chapter 3 - Banks
Section 20 - Bank acquiring, holding, or accepting as collateral its own stock.
UT Code § 7-3-20 (2014) What's This?
Effective 5/13/2014 7-3-20. Bank acquiring, holding, or accepting as collateral its own stock.
| (1) | A bank may not accept as collateral or acquire its own stock except when the taking of the collateral or acquisition of the stock is necessary to prevent loss upon a debt previously contracted in good faith. |
| (2) | If a bank acquires stock as permitted under Subsection (1), the bank shall sell the stock within 12 months from the date of the bank's acquisition. |
| (3) | The value of all the stock held after acceptance or acquisition may not exceed 10% of the total capital of the bank. |
Amended by Chapter 97, 2014 General Session
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