Go to Previous Versions
of
this Section
2025 Utah Code
Title 7 - Financial Institutions Act
Chapter 5 - Trust Business
Section 12 - Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit.
Universal Citation:
UT Code § 7-5-12 (2025)
Learn more
This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
Effective 5/7/2025
7-5-12. Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit.
A committee of the board of directors, exclusive of any active officers of the trust department, of every trust company authorized to engage in the trust business in this state shall, at least once during a 15-month period, make a suitable audit of the trust business operations of the institution or cause a suitable audit to be made by auditors responsible only to the board of directors and shall ascertain whether the trust business operations of the institution have been administered in accordance with law and sound fiduciary principles. A report of the audit, together with the action taken thereon, shall be made available to the commissioner, the commissioner's examiners, or the examiners of other trust company regulating agencies upon request. An examination by the state or other trust company regulating agencies or both made during the same period may be substituted for this audit.
Amended by Chapter 302, 2025 General Session
7-5-12. Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit.
A committee of the board of directors, exclusive of any active officers of the trust department, of every trust company authorized to engage in the trust business in this state shall, at least once during a 15-month period, make a suitable audit of the trust business operations of the institution or cause a suitable audit to be made by auditors responsible only to the board of directors and shall ascertain whether the trust business operations of the institution have been administered in accordance with law and sound fiduciary principles. A report of the audit, together with the action taken thereon, shall be made available to the commissioner, the commissioner's examiners, or the examiners of other trust company regulating agencies upon request. An examination by the state or other trust company regulating agencies or both made during the same period may be substituted for this audit.
Amended by Chapter 302, 2025 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.
