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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-3-32

Banks’ boards must meet at least quarterly and receive reports on loans, investments, affiliate transactions, credit lines, real-estate acquisitions, delinquent loans, possible losses, and certain insider credit…

Source excerpt

board meetingsboard reportingcredit extensionsloans to insidersmeeting recordsrecordsreports
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

Purpose and legislative effect

“Banks’ boards must meet at least quarterly and receive reports on loans, investments, affiliate transactions, credit lines, real-estate acquisitions, delinquent loans, possible losses, and certain insider credit exposures; the reports must be entered into the meeting record.”

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02

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03

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Subsection 7-3-32(1)

This section defines “principal shareholder” for the bank as an officer, director, or person with direct or indirect ownership, control, or voting power over more than 10% of a class of voting securities.

Section 7-3-32(1)

Subsection 7-3-32(3)

A report must be made to the board at least twice each year, and the board of directors must make the reports part of the meeting record.

Section 7-3-32(3)

Subsection 7-3-32(3)(a)

Refers to the aggregate amount of all credit extensions by the bank to specified insiders and their related interests.

Section 7-3-32(3)(a)

Subsection 7-3-32(3)(b)

The board of directors must include the reports in the meeting record, and the record must show the board’s action.

Section 7-3-32(3)(b)

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
§ 7-3-32Meetings of board of directors -- Reports -- Records -- Loans to officers, directors and principal shareholders.Provision

Source excerpt

Banks’ boards must meet at least quarterly and receive reports on loans, investments, affiliate transactions, credit lines, real-estate acquisitions, delinquent loans, possible losses, and certain insider credit exposures; the reports must be entered into the meeting record.

Meetings of board of directors -- Reports -- Records -- Loans to officers, directors and principal shareholders. In this section "principal shareholder" means any officer, director, or person who directly or indirectly owns, controls, or has the power to vote more than 10% of any class of voting securities of the bank. The board of directors of every bank shall hold at least one regular meeting every three months. The board shall designate an officer or officers of the bank to prepare and submit reports to the board at every regular quarterly meeting in such detail as the board may direct. Such reports shall include pertinent information on the loans and investments, the transactions with affiliates, and the lines of credit and acquisitions of real estate made during the preceding quarter or since the last report. It shall also include information on delinquent loans, other possible losses, and such other information as the regulations of the department may require. At regular intervals at least twice each year, a report shall be made to the board of: the aggregate amount of all extensions of credit by the bank to its officers, directors, and principal shareholders and their related interests; and all extensions of credit from a correspondent bank of the bank to an executive officer or principal shareholder of the bank, since the last preceding report. The board of directors shall make the reports part of the record of the meeting, and the record shall show its action.
Section 7-3-32Verify source
§ 7-3-32(1)Subsection 7-3-32(1)Provision

Source excerpt

This section defines “principal shareholder” for the bank as an officer, director, or person with direct or indirect ownership, control, or voting power over more than 10% of a class of voting securities.

In this section "principal shareholder" means any officer, director, or person who directly or indirectly owns, controls, or has the power to vote more than 10% of any class of voting securities of the bank.
Section 7-3-32(1)Verify source
§ 7-3-32(2)Subsection 7-3-32(2)Provision

Source excerpt

Every bank’s board must meet at least once every three months and must designate one or more bank officers to prepare and submit reports at each regular quarterly meeting.

The board of directors of every bank shall hold at least one regular meeting every three months. The board shall designate an officer or officers of the bank to prepare and submit reports to the board at every regular quarterly meeting in such detail as the board may direct. Such reports shall include pertinent information on the loans and investments, the transactions with affiliates, and the lines of credit and acquisitions of real estate made during the preceding quarter or since the last report. It shall also include information on delinquent loans, other possible losses, and such other information as the regulations of the department may require.
Section 7-3-32(2)Verify source
§ 7-3-32(3)Subsection 7-3-32(3)Provision

Source excerpt

A report must be made to the board at least twice each year, and the board of directors must make the reports part of the meeting record.

At regular intervals at least twice each year, a report shall be made to the board of: the aggregate amount of all extensions of credit by the bank to its officers, directors, and principal shareholders and their related interests; and all extensions of credit from a correspondent bank of the bank to an executive officer or principal shareholder of the bank, since the last preceding report. The board of directors shall make the reports part of the record of the meeting, and the record shall show its action.
Section 7-3-32(3)Verify source
§ 7-3-32(3)(a)Subsection 7-3-32(3)(a)Provision

Source excerpt

Refers to the aggregate amount of all credit extensions by the bank to specified insiders and their related interests.

the aggregate amount of all extensions of credit by the bank to its officers, directors, and principal shareholders and their related interests; and
Section 7-3-32(3)(a)Verify source
§ 7-3-32(3)(b)Subsection 7-3-32(3)(b)Provision

Source excerpt

The board of directors must include the reports in the meeting record, and the record must show the board’s action.

all extensions of credit from a correspondent bank of the bank to an executive officer or principal shareholder of the bank, since the last preceding report. The board of directors shall make the reports part of the record of the meeting, and the record shall show its action.
Section 7-3-32(3)(b)Verify source

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