Effective 5/13/2014 7-3-21. Stock ownership by banks.
(1)
A bank may purchase, own and hold, and sell or otherwise dispose of:
(a)
shares of the Federal Reserve Bank of the Twelfth Federal Reserve District;
(b)
the stock of a corporation organized under the laws of the United States for purposes similar to those of the federal reserve banks or the Federal Deposit Insurance Corporation;
(c)
shares of the Federal National Mortgage Association;
(d)
the stock of a safe deposit company;
(e)
the stock of a corporation owning the banking house in which any place of business of the bank is located;
(f)
the stock of a bank service corporation performing services for the bank;
(g)
the stock of a corporation acquired by the bank in satisfaction of or on account of debts previously contracted in the course of the bank's business;
(h)
the stock of a foreign banking corporation;
(i)
the stock of a corporation authorized under Title IX of the Housing and Urban Development Act of 1968;
(j)
the stock of the Government National Mortgage Association authorized under 12 U.S.C. Sec. 1716 et seq.;
(k)
the stock of a charitable foundation;
(l)
the stock of a community development corporation;
(m)
the stock of bankers' banks; and
(n)
the stock of an agricultural credit corporation.
(2)
A bank may invest in a small business investment company to the same extent allowed federally chartered banks.
(3)
Unless expressly authorized by this chapter, a bank may not purchase or own the stock of any other corporation except in a fiduciary capacity.
Amended by Chapter 97, 2014 General Session
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