United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-8-16

Industrial bank holding companies must register with the department through a commissioner-prescribed statement.

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corporate disclosureexemptionsfiling requirementsregistrationrulemaking

Jurisdiction: United States — Utah
Status: In force
Dates: Legal dates not recorded

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“Industrial bank holding companies must register with the department through a commissioner-prescribed statement.”

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Registration of industrial bank holding company -- Filing and contents of statement -- Exemptions -- Rules.

Industrial bank holding companies must register with the department through a commissioner-prescribed statement.

Section 7-8-16

Subsection 7-8-16(1)(d)

evidence that the company is authorized to transact business in this state.

Section 7-8-16(1)(d)

Subsection 7-8-16(2)(b)

An applicant for authorization to form a holding company must file an application.

Section 7-8-16(2)(b)

Subsection 7-8-16(3)(d)

A person may be exempted in writing by the commissioner or by rule.

Section 7-8-16(3)(d)

Subsection 7-8-16(4)(d)

the financial system of the state.

Section 7-8-16(4)(d)

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

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Showing 21 of 21 provisions

Provision 21

§ 7-8-16Registration of industrial bank holding company -- Filing and contents of statement -- Exemptions -- Rules.Provision

Source excerpt

Industrial bank holding companies must register with the department through a commissioner-prescribed statement.

Registration of industrial bank holding company -- Filing and contents of statement -- Exemptions -- Rules. Each industrial bank holding company shall register with the department by filing a registration statement in a form prescribed by the commissioner. The statement shall include: the name, address, and principal occupation of each officer and director of the registrant; a statement of financial condition as of a date not more than six months prior to the date of registration; a certificate of good standing in the state in which the registrant is incorporated; and evidence that the company is authorized to transact business in this state. A person may not form an industrial bank holding company, unless it: is authorized to do so by the commissioner; and is registered with the department as provided in Subsection (1) . An applicant for authorization to form a holding company shall file an application in a form prescribed by the commissioner by rule. The commissioner may exempt an industrial bank holding company in whole or in part from registration if it is: a bank holding company or savings and loan holding company subject to federal regulation; a person that is a holding company only because the person owns or controls voting shares of an industrial bank or holding company acquired in connection with the underwriting of securities if the person holds these shares no longer than 120 days, unless the commissioner approves a longer period to permit their sale on a reasonable basis; a person exempt from the jurisdiction of the department under Section 7-1-502 ; or a person exempted in writing by the commissioner or by rule. The commissioner may adopt rules with respect to industrial bank holding companies as are necessary to protect: depositors; other creditors; the public; and the financial system of the state.

Section 7-8-16Verify source

§ 7-8-16(1)Subsection 7-8-16(1)Provision

Source excerpt

An industrial bank holding company must register with the department using a commissioner-prescribed form.

Each industrial bank holding company shall register with the department by filing a registration statement in a form prescribed by the commissioner. The statement shall include: the name, address, and principal occupation of each officer and director of the registrant; a statement of financial condition as of a date not more than six months prior to the date of registration; a certificate of good standing in the state in which the registrant is incorporated; and evidence that the company is authorized to transact business in this state.

Section 7-8-16(1)Verify source

§ 7-8-16(1)(a)Subsection 7-8-16(1)(a)Provision

Source excerpt

the name, address, and principal occupation of each officer and director of the registrant;

Section 7-8-16(1)(a)Verify source

§ 7-8-16(1)(b)Subsection 7-8-16(1)(b)Provision

Source excerpt

a statement of financial condition as of a date not more than six months prior to the date of registration;

Section 7-8-16(1)(b)Verify source

§ 7-8-16(1)(c)Subsection 7-8-16(1)(c)Provision

Source excerpt

a certificate of good standing in the state in which the registrant is incorporated; and

Section 7-8-16(1)(c)Verify source

§ 7-8-16(1)(d)Subsection 7-8-16(1)(d)Provision

Source excerpt

evidence that the company is authorized to transact business in this state.

Section 7-8-16(1)(d)Verify source

§ 7-8-16(2)Subsection 7-8-16(2)Provision

Source excerpt

A person may not form an industrial bank holding company unless authorized by the commissioner and registered with the department. An applicant must file an application in the form prescribed by rule.

A person may not form an industrial bank holding company, unless it: is authorized to do so by the commissioner; and is registered with the department as provided in Subsection (1) . An applicant for authorization to form a holding company shall file an application in a form prescribed by the commissioner by rule.

Section 7-8-16(2)Verify source

§ 7-8-16(2)(a)Subsection 7-8-16(2)(a)Provision

Source excerpt

A person may not form an industrial bank holding company, unless it: is authorized to do so by the commissioner; and is registered with the department as provided in Subsection (1) .

Section 7-8-16(2)(a)Verify source

§ 7-8-16(2)(a)(i)Subsection 7-8-16(2)(a)(i)Provision

Source excerpt

A person may do so if authorized by the commissioner.

is authorized to do so by the commissioner; and

Section 7-8-16(2)(a)(i)Verify source

§ 7-8-16(2)(a)(ii)Subsection 7-8-16(2)(a)(ii)Provision

Source excerpt

is registered with the department as provided in Subsection (1) .

Section 7-8-16(2)(a)(ii)Verify source

§ 7-8-16(2)(b)Subsection 7-8-16(2)(b)Provision

Source excerpt

An applicant for authorization to form a holding company must file an application.

An applicant for authorization to form a holding company shall file an application in a form prescribed by the commissioner by rule.

Section 7-8-16(2)(b)Verify source

§ 7-8-16(3)Subsection 7-8-16(3)Provision

Source excerpt

The commissioner may exempt an industrial bank holding company in whole or in part from registration if it is: a bank holding company or savings and loan holding company subject to federal regulation; a person that is a holding company only because the person owns or controls voting shares of an industrial bank or holding company acquired in connection with the underwriting of securities if the person holds these shares no longer than 120 days, unless the commissioner approves a longer period to permit their sale on a reasonable basis; a person exempt from the jurisdiction of the department under Section 7-1-502 ; or a person exempted in writing by the commissioner or by rule.

Section 7-8-16(3)Verify source

§ 7-8-16(3)(a)Subsection 7-8-16(3)(a)Provision

Source excerpt

This provision identifies a bank holding company or savings and loan holding company subject to federal regulation.

a bank holding company or savings and loan holding company subject to federal regulation;

Section 7-8-16(3)(a)Verify source

§ 7-8-16(3)(b)Subsection 7-8-16(3)(b)Provision

Source excerpt

A person who is a holding company only because of certain voting shares must hold those shares no longer than 120 days, unless the commissioner approves a longer period.

a person that is a holding company only because the person owns or controls voting shares of an industrial bank or holding company acquired in connection with the underwriting of securities if the person holds these shares no longer than 120 days, unless the commissioner approves a longer period to permit their sale on a reasonable basis;

Section 7-8-16(3)(b)Verify source

§ 7-8-16(3)(c)Subsection 7-8-16(3)(c)Provision

Source excerpt

A person exempt from the department’s jurisdiction under Section 7-1-502 is identified.

a person exempt from the jurisdiction of the department under Section 7-1-502 ; or

Section 7-8-16(3)(c)Verify source

§ 7-8-16(3)(d)Subsection 7-8-16(3)(d)Provision

Source excerpt

A person may be exempted in writing by the commissioner or by rule.

a person exempted in writing by the commissioner or by rule.

Section 7-8-16(3)(d)Verify source

§ 7-8-16(4)Subsection 7-8-16(4)Provision

Source excerpt

The commissioner may adopt rules for industrial bank holding companies when needed to protect depositors, other creditors, the public, and the state’s financial system.

The commissioner may adopt rules with respect to industrial bank holding companies as are necessary to protect: depositors; other creditors; the public; and the financial system of the state.

Section 7-8-16(4)Verify source

§ 7-8-16(4)(a)Subsection 7-8-16(4)(a)Provision

Source excerpt

Refers to depositors.

depositors;

Section 7-8-16(4)(a)Verify source

§ 7-8-16(4)(b)Subsection 7-8-16(4)(b)Provision

Source excerpt

other creditors;

Section 7-8-16(4)(b)Verify source

§ 7-8-16(4)(c)Subsection 7-8-16(4)(c)Provision

Source excerpt

the public; and

Section 7-8-16(4)(c)Verify source

§ 7-8-16(4)(d)Subsection 7-8-16(4)(d)Provision

Source excerpt

the financial system of the state.

Section 7-8-16(4)(d)Verify source

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Utah Code § 7-8-16

Purpose and legislative effect

How the instrument operates

Start with the recorded version

Locate the controlling provision

Read conditions and exceptions together

Verify currency and official wording

Research entry points

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In force source record

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Search within this statute

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