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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-713

A financial institution may convert to another class by applying for department approval. If approved, it must immediately surrender its former charter to the commissioner.

Source excerpt

charter surrenderfinancial institution conversioninstitution conversionregulatory approvalsupervisory regulation
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“A financial institution may convert to another class by applying for department approval. If approved, it must immediately surrender its former charter to the commissioner.”

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Subsection 7-1-713(1)

A qualifying financial institution may convert to another chapter’s institution by applying to the department for approval.

Section 7-1-713(1)

Subsection 7-1-713(2)

If the commissioner approves the conversion, the institution shall immediately surrender its former charter to the commissioner. Under its new charter as a financial institution of a different class, it is entitled to all the benefits and

Section 7-1-713(2)

Subsection 7-1-713(3)

A state-organized depository institution may convert to a U.S.-organized depository institution if it complies with U.S. law and surrenders its charter to the commissioner.

Section 7-1-713(3)

Subsection 7-1-713(4)

Certain depository institutions may convert into a depository institution under the department’s jurisdiction by applying for approval as provided.

Section 7-1-713(4)

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In force source record

Source record from le.utah.gov · Legal dates not recorded

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Showing 5 of 5 provisions

Provision 5

Part 7-1-7

part 7-1-7 Authorization Required to Conduct Business

§ 7-1-713Conversion of financial institution -- Approval required -- Procedure -- Federal-state conversion.Provision

Source excerpt

A financial institution may convert to another class by applying for department approval. If approved, it must immediately surrender its former charter to the commissioner.

Conversion of financial institution -- Approval required -- Procedure -- Federal-state conversion. Any financial institution authorized to do business as a particular class of financial institution under any chapter of this title may convert to an institution authorized to do business under another chapter by applying to the department for approval in the manner provided in Section 7-1-706 . If the commissioner approves the conversion, the institution shall immediately surrender its former charter to the commissioner. Under its new charter as a financial institution of a different class, it is entitled to all the benefits and powers conferred under the applicable chapter to other financial institutions of that class and is subject to examination, supervision, and regulation to the same extent as all other financial institutions of that class. Any depository institution organized under the laws of this state may convert to a depository institution organized under the laws of the United States upon compliance with the laws of the United States and upon surrender of its charter to the commissioner. Any depository institution organized under the laws of the United States or any other state that is authorized to do business in this state may convert into a depository institution subject to the jurisdiction of the department by applying to the department for approval in the manner provided in Section 7-1-706 .
Section 7-1-713Verify source
§ 7-1-713(1)Subsection 7-1-713(1)Provision

Source excerpt

A qualifying financial institution may convert to another chapter’s institution by applying to the department for approval.

Any financial institution authorized to do business as a particular class of financial institution under any chapter of this title may convert to an institution authorized to do business under another chapter by applying to the department for approval in the manner provided in Section 7-1-706 .
Section 7-1-713(1)Verify source
§ 7-1-713(2)Subsection 7-1-713(2)Provision

Source excerpt

If the commissioner approves the conversion, the institution shall immediately surrender its former charter to the commissioner. Under its new charter as a financial institution of a different class, it is entitled to all the benefits and

If the commissioner approves the conversion, the institution shall immediately surrender its former charter to the commissioner. Under its new charter as a financial institution of a different class, it is entitled to all the benefits and powers conferred under the applicable chapter to other financial institutions of that class and is subject to examination, supervision, and regulation to the same extent as all other financial institutions of that class.
Section 7-1-713(2)Verify source
§ 7-1-713(3)Subsection 7-1-713(3)Provision

Source excerpt

A state-organized depository institution may convert to a U.S.-organized depository institution if it complies with U.S. law and surrenders its charter to the commissioner.

Any depository institution organized under the laws of this state may convert to a depository institution organized under the laws of the United States upon compliance with the laws of the United States and upon surrender of its charter to the commissioner.
Section 7-1-713(3)Verify source
§ 7-1-713(4)Subsection 7-1-713(4)Provision

Source excerpt

Certain depository institutions may convert into a depository institution under the department’s jurisdiction by applying for approval as provided.

Any depository institution organized under the laws of the United States or any other state that is authorized to do business in this state may convert into a depository institution subject to the jurisdiction of the department by applying to the department for approval in the manner provided in Section 7-1-706 .
Section 7-1-713(4)Verify source

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