There is a newer version of the Utah Code
2011 Utah Code
Title 7 Financial Institutions Act
Chapter 7 Savings and Loan Associations Act
- Section 1 Citation of chapter -- Application of Utah Revised Business Corporation Act.
- Section 2 Definitions.
- Section 3 Incorporators -- Certificate of authority -- Articles of incorporation -- Amendment -- Bylaws -- Liability for debts of association.
- Section 3.1 Limitation of personal liability of directors.
- Section 3.2 General limitation on liability.
- Section 3.3 Deposit insurance required.
- Section 4 Mutual association -- Chair of incorporators -- Surety bond or escrow -- Capital requirements -- Expense fund -- Organization meeting.
- Section 5 Capital stock association -- Chair of incorporators -- Surety bond or escrow -- Capital requirements -- Surplus -- Acquisition of own stock -- Organization meeting.
- Section 6 Name requirements -- Establishment or changing location of offices.
- Section 7 Conversion of associations.
- Section 8 Reorganization, merger or consolidation of association.
- Section 9 Dissolution of association.
- Section 10 Meetings of mutual association members -- Voting -- Notice.
- Section 11 Meetings of stock association stockholders -- Voting -- Notice.
- Section 12 Inspection of books and records -- Confidentiality -- Communication between members or stockholders.
- Section 13 Board of directors -- Number -- Election -- Qualifications -- Disqualification -- Terms -- Vacancies -- Removal.
- Section 14 Bonding of directors, officers, employees, and collection agents.
- Section 15 Fiduciary relationship of directors and officers to association -- Disclosure requirements -- Prohibitions -- Violations as misdemeanors.
- Section 16 Depositories used by associations.
- Section 17 Indemnification of directors, officers, and employees.
- Section 18 Operating or management contract terms.
- Section 19 Record and accounting requirements -- Valuation of assets.
- Section 20 Reserve and net worth requirements.
- Section 21 Powers of associations.
- Section 22 Savings accounts -- Liabilities -- Opening -- Relationship between association and account holder -- Earnings -- Preferences -- Types of accounts.
- Section 23 Savings accounts as legal investments and as deposits.
- Section 24 Earnings on savings accounts.
- Section 25 Withdrawal or transfer of savings accounts.
- Section 26 Redemption of savings accounts.
- Section 27 Liquidity prerequisite for loans and investments.
- Section 28 Investments by associations.
- Section 29 Investment in service organizations, business development credit corporations, and service corporations.
- Section 30 Investment in property used in conduct of business -- Investment in manner not prohibited by law.
- Section 31 Investment in real estate for sale or income production -- Purchase of real estate securing loan.
- Section 32 Agreements committing assets to lines of credit -- Stock ownership or affiliation with credit card companies.
- Section 33 Investments in loans -- Payments to protect real estate loans -- Requiring borrower to pay taxes, insurance, and other charges on real estate in advance.
- Section 34 Charging borrower for expenses and services for real estate loan.
- Section 35 Sale of real estate securities -- Dealing with buyer -- Liability of original borrower.
- Section 36 Actions necessary to avoid loss on loans and investments.
- Section 38 Reports and examinations required -- Access to records.
- Section 40 Federal associations.
- Section 41 Additional powers of associations belonging to federal home loan bank system.
- Section 42 Members, stockholders or employees not disqualified to take acknowledgments or proofs.
- Section 43 Previously incorporated associations.
- Section 44 Chapter controls over inconsistent laws.
Disclaimer: These codes may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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