There is a newer version of the Utah Code
2016 Utah Code
Title 7 - Financial Institutions Act
Chapter 8 - Industrial Banks
Section 14 - Investment in property used in conduct of business.
UT Code § 7-8-14 (2016) What's This?
7-8-14. Investment in property used in conduct of business. - (1) An industrial bank may invest in premises, equipment, and other property used in conducting its own business, as the board of directors may approve by resolution. This property may include:
- (a) real property and any interest in real property, furniture, fixtures, and equipment for use in carrying on its own business; and
- (b) the stock, bonds, debentures, or other obligations of any subsidiary or affiliate whose exclusive activity is the ownership and management of property used in conducting the industrial bank's business.
- (2) The amount of these investments may not exceed 50% of the industrial bank's total capital, unless the commissioner approves a higher amount in writing.
Amended by Chapter 92, 2004 General Session
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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
