2011 Utah Code
Title 7 Financial Institutions Act
Chapter 7 Savings and Loan Associations Act
Section 19 Record and accounting requirements -- Valuation of assets.

7-7-19. Record and accounting requirements -- Valuation of assets.
(1) Every association shall keep at the home office correct and complete books of accounts, membership or stockholder records, and minutes of the proceedings of members, stockholders, and directors. Complete records of all business transacted at the home office shall be maintained at the home office. Control records of all business transacted at each branch office or agency shall be maintained at the home office.
(2) Each branch office shall keep detailed records of all transactions at that branch office and shall furnish full control records to the home office.
(3) Each agent of an association shall prepare an original record of each business transaction of the association conducted by the agent and shall report promptly to the home office. Complete detailed permanent records of the transactions are not required to be maintained at the agency, but may be maintained at a branch or home office of the association.
(4) Every association shall close its books at the close of business at least annually or more often if required for all associations by the commissioner.
(5) No association by any system of accounting or any device of bookkeeping shall, either directly or indirectly, enter any of its assets upon its books in the name of any other person, partnership, association, or corporation or under any title or designation that is not fairly descriptive of the assets.
(6) The commissioner, after a determination of value made in accordance with this chapter, may order that assets, individually or in the aggregate, to the extent that the assets are overvalued on an association's books, be charged off, or that a special reserve or reserves equal to the overvaluation be set up by transfers from undivided profits or reserves.
(7) An association may not carry any real estate on its books at a sum in excess of the total amount invested by the association on account of that real estate, including advances, costs, and improvements but excluding accrued but uncollected interest.
(8) Every association shall have appraised each parcel of real estate acquired at the time of acquisition. The report of each such appraisal shall be submitted in writing to the board of directors and shall be kept in the records of the association.
(9) Every association shall maintain complete loan and investment records in a manner satisfactory to the commissioner. Each record of a real estate loan or other secured loan or investment shall contain documentation to the satisfaction of the commissioner of the type, adequacy and complexion of the security.
(10) Every mutual association shall maintain membership records, which shall show the name and address of the members, the status of each member as a savings account holder, or an obligor, or a savings account holder and obligor, and the date membership began. In the case of a member holding a savings account, the association shall obtain a savings account contract, which may be a signature card, containing the signature of each holder of the account or his duly authorized representative, and shall preserve the contract in the records of the association.
(11) Every capital stock association shall maintain a register of investors and stock transfers which shows the name and address of the stockholder, the type of stock and voting status of the stockholder, and the date each share of stock was acquired.
(12) Every association shall use such forms and keep such records, including without limitation, those of its members or stockholders, as the commissioner may from time to time require.