2006 Utah Code - 9-4-915 — Corporation moneys -- Depositing and paying out -- Power to contract with holders of notes and bonds -- Moneys held in trust.

     9-4-915.   Corporation moneys -- Depositing and paying out -- Power to contract with holders of notes and bonds -- Moneys held in trust.
     (1) (a) All moneys of the corporation, except as otherwise authorized or provided in this part, shall be deposited as soon as practicable in a separate account or accounts in banks or trust companies organized under the laws of the state or national banking association.
     (b) The moneys in these accounts shall be paid out on checks signed by the president or other officers or employees of the corporation as the corporation shall authorize.
     (c) All deposits of moneys shall, if required by the corporation, be secured in a manner as the corporation determines to be prudent, and all banks and trust companies are authorized to give security for the deposits.
     (2) (a) Notwithstanding the provisions of this section, the corporation shall have power to contract with the holders of any of its notes or bonds as to the custody, collection, securing, investment, and payment of any moneys of the corporation and of any moneys held in trust or otherwise for the payment of notes or bonds, and to carry out that contract.
     (b) Moneys held in trust or otherwise for the payment of notes or bonds or in any way to secure notes or bonds and deposits of moneys may be secured in the same manner as moneys of the corporation, and all banks and trust companies are authorized to give security for the deposits.

Amended by Chapter 319, 2001 General Session