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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-3-21, 1981

Stock ownership by banks. A bank may purchase, own and hold, and sell or otherwise dispose of: shares of the Federal Reserve Bank of the Twelfth Federal Reserve District; the stock of a corporatio…

Source excerpt

asset dispositioncorporate stockinvestment powersinvestmentssecuritiesstock ownership
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 1981
Dates
Enacted 1981
More statute details
Dates
Enacted 1981
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01

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“Stock ownership by banks. A bank may purchase, own and hold, and sell or otherwise dispose of: shares of the Federal Reserve Bank of the Twelfth Federal Reserve District; the stock of a corporation organized under the laws of the United”

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Stock ownership by banks.

Stock ownership by banks. A bank may purchase, own and hold, and sell or otherwise dispose of: shares of the Federal Reserve Bank of the Twelfth Federal Reserve District; the stock of a corporation organized under the laws of the United

Section 7-3-21

Subsection 7-3-21(3)

A bank may not buy or own another corporation’s stock unless this chapter expressly authorizes it, except when acting in a fiduciary capacity.

Section 7-3-21(3)

04

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In force source record

Source record from le.utah.gov · Enacted 1981

In force

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Showing 18 of 18 provisions

Provision 18
§ 7-3-21Stock ownership by banks.Provision

Source excerpt

Stock ownership by banks. A bank may purchase, own and hold, and sell or otherwise dispose of: shares of the Federal Reserve Bank of the Twelfth Federal Reserve District; the stock of a corporation organized under the laws of the United

Stock ownership by banks. A bank may purchase, own and hold, and sell or otherwise dispose of: shares of the Federal Reserve Bank of the Twelfth Federal Reserve District; the stock of a corporation organized under the laws of the United States for purposes similar to those of the federal reserve banks or the Federal Deposit Insurance Corporation; shares of the Federal National Mortgage Association; the stock of a safe deposit company; the stock of a corporation owning the banking house in which any place of business of the bank is located; the stock of a bank service corporation performing services for the bank; the stock of a corporation acquired by the bank in satisfaction of or on account of debts previously contracted in the course of the bank's business; the stock of a foreign banking corporation; the stock of a corporation authorized under Title IX of the Housing and Urban Development Act of 1968; the stock of the Government National Mortgage Association authorized under 12 U.S.C. Sec. 1716 et seq.; the stock of a charitable foundation; the stock of a community development corporation; the stock of bankers' banks; and the stock of an agricultural credit corporation. A bank may invest in a small business investment company to the same extent allowed federally chartered banks. Unless expressly authorized by this chapter, a bank may not purchase or own the stock of any other corporation except in a fiduciary capacity.
Section 7-3-21Verify source
§ 7-3-21(1)Subsection 7-3-21(1)Provision

Source excerpt

A bank may buy, own, hold, and sell or otherwise dispose of certain listed shares and stock.

A bank may purchase, own and hold, and sell or otherwise dispose of: shares of the Federal Reserve Bank of the Twelfth Federal Reserve District; the stock of a corporation organized under the laws of the United States for purposes similar to those of the federal reserve banks or the Federal Deposit Insurance Corporation; shares of the Federal National Mortgage Association; the stock of a safe deposit company; the stock of a corporation owning the banking house in which any place of business of the bank is located; the stock of a bank service corporation performing services for the bank; the stock of a corporation acquired by the bank in satisfaction of or on account of debts previously contracted in the course of the bank's business; the stock of a foreign banking corporation; the stock of a corporation authorized under Title IX of the Housing and Urban Development Act of 1968; the stock of the Government National Mortgage Association authorized under 12 U.S.C. Sec. 1716 et seq.; the stock of a charitable foundation; the stock of a community development corporation; the stock of bankers' banks; and the stock of an agricultural credit corporation.
Section 7-3-21(1)Verify source
§ 7-3-21(1)(a)Subsection 7-3-21(1)(a)Provision

Source excerpt

shares of the Federal Reserve Bank of the Twelfth Federal Reserve District;

shares of the Federal Reserve Bank of the Twelfth Federal Reserve District;
Section 7-3-21(1)(a)Verify source
§ 7-3-21(1)(b)Subsection 7-3-21(1)(b)Provision

Source excerpt

the stock of a corporation organized under the laws of the United States for purposes similar to those of the federal reserve banks or the Federal Deposit Insurance Corporation;

the stock of a corporation organized under the laws of the United States for purposes similar to those of the federal reserve banks or the Federal Deposit Insurance Corporation;
Section 7-3-21(1)(b)Verify source
§ 7-3-21(1)(c)Subsection 7-3-21(1)(c)Provision

Source excerpt

shares of the Federal National Mortgage Association;

shares of the Federal National Mortgage Association;
Section 7-3-21(1)(c)Verify source
§ 7-3-21(1)(d)Subsection 7-3-21(1)(d)Provision

Source excerpt

the stock of a safe deposit company;

the stock of a safe deposit company;
Section 7-3-21(1)(d)Verify source
§ 7-3-21(1)(e)Subsection 7-3-21(1)(e)Provision

Source excerpt

the stock of a corporation owning the banking house in which any place of business of the bank is located;

the stock of a corporation owning the banking house in which any place of business of the bank is located;
Section 7-3-21(1)(e)Verify source
§ 7-3-21(1)(f)Subsection 7-3-21(1)(f)Provision

Source excerpt

the stock of a bank service corporation performing services for the bank;

the stock of a bank service corporation performing services for the bank;
Section 7-3-21(1)(f)Verify source
§ 7-3-21(1)(g)Subsection 7-3-21(1)(g)Provision

Source excerpt

the stock of a corporation acquired by the bank in satisfaction of or on account of debts previously contracted in the course of the bank's business;

the stock of a corporation acquired by the bank in satisfaction of or on account of debts previously contracted in the course of the bank's business;
Section 7-3-21(1)(g)Verify source
§ 7-3-21(1)(h)Subsection 7-3-21(1)(h)Provision

Source excerpt

the stock of a foreign banking corporation;

the stock of a foreign banking corporation;
Section 7-3-21(1)(h)Verify source
§ 7-3-21(1)(i)Subsection 7-3-21(1)(i)Provision

Source excerpt

the stock of a corporation authorized under Title IX of the Housing and Urban Development Act of 1968;

the stock of a corporation authorized under Title IX of the Housing and Urban Development Act of 1968;
Section 7-3-21(1)(i)Verify source
§ 7-3-21(1)(j)Subsection 7-3-21(1)(j)Provision

Source excerpt

the stock of the Government National Mortgage Association authorized under 12 U.S.C. Sec. 1716 et seq.;

the stock of the Government National Mortgage Association authorized under 12 U.S.C. Sec. 1716 et seq.;
Section 7-3-21(1)(j)Verify source
§ 7-3-21(1)(k)Subsection 7-3-21(1)(k)Provision

Source excerpt

the stock of a charitable foundation;

the stock of a charitable foundation;
Section 7-3-21(1)(k)Verify source
§ 7-3-21(1)(l)Subsection 7-3-21(1)(l)Provision

Source excerpt

the stock of a community development corporation;

the stock of a community development corporation;
Section 7-3-21(1)(l)Verify source
§ 7-3-21(1)(m)Subsection 7-3-21(1)(m)Provision

Source excerpt

the stock of bankers' banks; and

the stock of bankers' banks; and
Section 7-3-21(1)(m)Verify source
§ 7-3-21(1)(n)Subsection 7-3-21(1)(n)Provision

Source excerpt

the stock of an agricultural credit corporation.

the stock of an agricultural credit corporation.
Section 7-3-21(1)(n)Verify source
§ 7-3-21(2)Subsection 7-3-21(2)Provision

Source excerpt

A bank may invest in a small business investment company, but only to the extent allowed for federally chartered banks.

A bank may invest in a small business investment company to the same extent allowed federally chartered banks.
Section 7-3-21(2)Verify source
§ 7-3-21(3)Subsection 7-3-21(3)Provision

Source excerpt

A bank may not buy or own another corporation’s stock unless this chapter expressly authorizes it, except when acting in a fiduciary capacity.

Unless expressly authorized by this chapter, a bank may not purchase or own the stock of any other corporation except in a fiduciary capacity.
Section 7-3-21(3)Verify source

Legislative relationships

1 referenced instrument

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G–M

1 instrument

  • Housing and Urban Development Act

    Sections 7-3-21, 7-3-21(1), 7-3-21(1)(i)

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