2006 Utah Code - 7-3-10 — Powers, rights, and privileges of banking corporation -- Other business activities.

     7-3-10.   Powers, rights, and privileges of banking corporation -- Other business activities.
     (1) In addition to the powers granted under Title 16, Chapter 10a, Utah Revised Business Corporation Act, a bank has all the rights, privileges, and powers necessary or incidental to carrying on the business of banking.
     (2) The commissioner may, by rule or order, determine that necessary or incidental rights, privileges, and powers include:
     (a) the rights, privileges, and powers held by national banks; or
     (b) other business activities so long as the commissioner's determination is not inconsistent with the rules, regulations, or other actions of the board of governors of the Federal Reserve System under Section 4(c)(8) of the Bank Holding Company Act of 1956, 12 U.S.C. Sec. 1843(c)(8).
     (3) The commissioner shall implement this section in a manner consistent with the purposes set forth in Section 7-1-102.

Amended by Chapter 91, 1997 General Session