US Laws, Codes, Statutes & Cases

     7-3-21.   Stock ownership by banks.
     Any bank may purchase, own and hold, and sell or otherwise dispose of, any of the shares of the capital stock of the Federal Deposit Insurance Corporation, the Federal Reserve Bank of the Twelfth Federal Reserve District, the stock of any corporation or corporations organized under the laws of the United States for purposes similar to those of the federal reserve banks or the Federal Deposit Insurance Corporation, the Federal National Mortgage Association, the stock of any safe deposit company, the stock of any corporation owning the banking house in which any place of business of such bank is located, the stock of any bank service corporation performing services for such bank, and the stock of such other corporation acquired by such bank in satisfaction of or on account of debts previously contracted in the course of its business, and may invest in small business investment companies to the same extent allowed federally chartered banks. Unless expressly authorized by this chapter, a bank may not purchase or own the stock of any other corporation except in a fiduciary capacity.

Enacted by Chapter 16, 1981 General Session