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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-3-28

A bank may issue convertible or nonconvertible capital notes or debentures only with prior written approval of the commissioner and board authorization.

Source excerpt

capital calculationloan limits
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“A bank may issue convertible or nonconvertible capital notes or debentures only with prior written approval of the commissioner and board authorization.”

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Capital notes or debentures.

A bank may issue convertible or nonconvertible capital notes or debentures only with prior written approval of the commissioner and board authorization.

Section 7-3-28

Subsection 7-3-28(1)

A bank may issue convertible or nonconvertible capital notes or debentures if it first gets the commissioner’s written approval and a board resolution authorizing the issuance.

Section 7-3-28(1)

Subsection 7-3-28(3)

A bank’s outstanding capital notes or debentures may not exceed limits set by the commissioner by regulation.

Section 7-3-28(3)

Subsection 7-3-28(4)

Outstanding capital notes or debentures that do not mature within one year must be added to the issuing bank’s capital when calculating the maximum loan amount to a single borrower.

Section 7-3-28(4)

Subsection 7-3-28(5)

The commissioner may prescribe regulations to protect the bank’s depositors and shareholders, if the commissioner judges that this will carry out this section’s purposes.

Section 7-3-28(5)

04

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In force source record

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

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Showing 6 of 6 provisions

Provision 6
§ 7-3-28Capital notes or debentures.Provision

Source excerpt

A bank may issue convertible or nonconvertible capital notes or debentures only with prior written approval of the commissioner and board authorization.

Capital notes or debentures. Any bank, with the prior written approval of the commissioner and the authorization by resolution of its board of directors may issue its convertible or nonconvertible capital notes or debentures. The issuance may be in the amounts, for the term, and contain provisions as may be approved by the commissioner. All such notes or debentures shall be subordinated to the claims of depositors and other creditors. The total amount of outstanding capital notes or debentures of any bank may not exceed such limitations as the commissioner may by regulation prescribe for the protection of depositors. The limitations prescribed may not be more restrictive than those prescribed for national banks. The amount of such outstanding capital notes or debentures not maturing within one year shall be added to the capital of the issuing bank for the purpose of determining the maximum amount that may be loaned to a single borrower by such bank as provided in this chapter. The commissioner may prescribe regulations for the protection of the bank's depositors and shareholders as, in the judgment of the commissioner, will effectuate the purposes of this section.
Section 7-3-28Verify source
§ 7-3-28(1)Subsection 7-3-28(1)Provision

Source excerpt

A bank may issue convertible or nonconvertible capital notes or debentures if it first gets the commissioner’s written approval and a board resolution authorizing the issuance.

Any bank, with the prior written approval of the commissioner and the authorization by resolution of its board of directors may issue its convertible or nonconvertible capital notes or debentures. The issuance may be in the amounts, for the term, and contain provisions as may be approved by the commissioner.
Section 7-3-28(1)Verify source
§ 7-3-28(2)Subsection 7-3-28(2)Provision

Source excerpt

All such notes or debentures shall be subordinated to the claims of depositors and other creditors.

All such notes or debentures shall be subordinated to the claims of depositors and other creditors.
Section 7-3-28(2)Verify source
§ 7-3-28(3)Subsection 7-3-28(3)Provision

Source excerpt

A bank’s outstanding capital notes or debentures may not exceed limits set by the commissioner by regulation.

The total amount of outstanding capital notes or debentures of any bank may not exceed such limitations as the commissioner may by regulation prescribe for the protection of depositors. The limitations prescribed may not be more restrictive than those prescribed for national banks.
Section 7-3-28(3)Verify source
§ 7-3-28(4)Subsection 7-3-28(4)Provision

Source excerpt

Outstanding capital notes or debentures that do not mature within one year must be added to the issuing bank’s capital when calculating the maximum loan amount to a single borrower.

The amount of such outstanding capital notes or debentures not maturing within one year shall be added to the capital of the issuing bank for the purpose of determining the maximum amount that may be loaned to a single borrower by such bank as provided in this chapter.
Section 7-3-28(4)Verify source
§ 7-3-28(5)Subsection 7-3-28(5)Provision

Source excerpt

The commissioner may prescribe regulations to protect the bank’s depositors and shareholders, if the commissioner judges that this will carry out this section’s purposes.

The commissioner may prescribe regulations for the protection of the bank's depositors and shareholders as, in the judgment of the commissioner, will effectuate the purposes of this section.
Section 7-3-28(5)Verify source

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