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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-8-5

An industrial bank is generally barred from taking or buying its own capital stock as collateral or as a purchase, unless needed to prevent loss on a previously contracted debt made in good faith.

Source excerpt

asset dispositionbankingcapital adequacycapital stockcollateraldeposit capital maintenanceloss preventionshare acquisition restrictionsshare purchasesshareholding limits
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

Purpose and legislative effect

“An industrial bank is generally barred from taking or buying its own capital stock as collateral or as a purchase, unless needed to prevent loss on a previously contracted debt made in good faith.”

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02

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  1. 01

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03

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Subsection 7-8-5(1)(a)

An industrial bank may not take its own capital stock as collateral or buy it, except when needed to prevent loss on a debt previously contracted in good faith.

Section 7-8-5(1)(a)

Subsection 7-8-5(2)

Industrial banks that accept or hold deposits must maintain the minimum capital required by their federal deposit insurer. The commissioner may require more capital if needed to protect depositors, other customers, and the public.

Section 7-8-5(2)

Subsection 7-8-5(2)(b)

The commissioner may require more capital when needed to protect depositors, other customers, and the public.

Section 7-8-5(2)(b)

04

Source and current-law status

In force source record

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

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Official record

Source-indexed provision map

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Showing 10 of 10 provisions

Provision 10
§ 7-8-5Acquisition of own stock restricted -- Capital requirements.Provision

Source excerpt

An industrial bank is generally barred from taking or buying its own capital stock as collateral or as a purchase, unless needed to prevent loss on a previously contracted debt made in good faith.

Acquisition of own stock restricted -- Capital requirements. An industrial bank may not accept as collateral, or be a purchaser of, shares of its own capital stock, unless taking the shares as collateral or purchasing them is necessary to prevent loss upon a debt previously contracted in good faith. All shares of stock acquired under this Subsection (1) by the industrial bank through any purchase, foreclosure, judgment, or otherwise shall be sold within 12 months from the date of acquisition. The par value of all the shares held after acceptance or purchase may not exceed 10% of the capital and surplus of the industrial bank. Each industrial bank accepting or holding deposits shall maintain the minimum amount of capital required by its federal deposit insurer. The commissioner may require a greater amount of capital if the commissioner determines that it is necessary to protect the interests of: the depositors and other customers of the industrial bank; and the public.
Section 7-8-5Verify source
§ 7-8-5(1)Subsection 7-8-5(1)Provision

Source excerpt

An industrial bank may not accept as collateral, or be a purchaser of, shares of its own capital stock, unless taking the shares as collateral or purchasing them is necessary to prevent loss upon a debt previously contracted in good faith.

An industrial bank may not accept as collateral, or be a purchaser of, shares of its own capital stock, unless taking the shares as collateral or purchasing them is necessary to prevent loss upon a debt previously contracted in good faith. All shares of stock acquired under this Subsection (1) by the industrial bank through any purchase, foreclosure, judgment, or otherwise shall be sold within 12 months from the date of acquisition. The par value of all the shares held after acceptance or purchase may not exceed 10% of the capital and surplus of the industrial bank.
Section 7-8-5(1)Verify source
§ 7-8-5(1)(a)Subsection 7-8-5(1)(a)Provision

Source excerpt

An industrial bank may not take its own capital stock as collateral or buy it, except when needed to prevent loss on a debt previously contracted in good faith.

An industrial bank may not accept as collateral, or be a purchaser of, shares of its own capital stock, unless taking the shares as collateral or purchasing them is necessary to prevent loss upon a debt previously contracted in good faith.
Section 7-8-5(1)(a)Verify source
§ 7-8-5(1)(b)Subsection 7-8-5(1)(b)Provision

Source excerpt

All shares of stock acquired under this Subsection (1) by the industrial bank through any purchase, foreclosure, judgment, or otherwise shall be sold within 12 months from the date of acquisition.

All shares of stock acquired under this Subsection (1) by the industrial bank through any purchase, foreclosure, judgment, or otherwise shall be sold within 12 months from the date of acquisition.
Section 7-8-5(1)(b)Verify source
§ 7-8-5(1)(c)Subsection 7-8-5(1)(c)Provision

Source excerpt

The par value of all the shares held after acceptance or purchase may not exceed 10% of the capital and surplus of the industrial bank.

The par value of all the shares held after acceptance or purchase may not exceed 10% of the capital and surplus of the industrial bank.
Section 7-8-5(1)(c)Verify source
§ 7-8-5(2)Subsection 7-8-5(2)Provision

Source excerpt

Industrial banks that accept or hold deposits must maintain the minimum capital required by their federal deposit insurer. The commissioner may require more capital if needed to protect depositors, other customers, and the public.

Each industrial bank accepting or holding deposits shall maintain the minimum amount of capital required by its federal deposit insurer. The commissioner may require a greater amount of capital if the commissioner determines that it is necessary to protect the interests of: the depositors and other customers of the industrial bank; and the public.
Section 7-8-5(2)Verify source
§ 7-8-5(2)(a)Subsection 7-8-5(2)(a)Provision

Source excerpt

An industrial bank that accepts or holds deposits must maintain the minimum capital required by its federal deposit insurer.

Each industrial bank accepting or holding deposits shall maintain the minimum amount of capital required by its federal deposit insurer.
Section 7-8-5(2)(a)Verify source
§ 7-8-5(2)(b)Subsection 7-8-5(2)(b)Provision

Source excerpt

The commissioner may require more capital when needed to protect depositors, other customers, and the public.

The commissioner may require a greater amount of capital if the commissioner determines that it is necessary to protect the interests of: the depositors and other customers of the industrial bank; and the public.
Section 7-8-5(2)(b)Verify source
§ 7-8-5(2)(b)(i)Subsection 7-8-5(2)(b)(i)Provision

Source excerpt

the depositors and other customers of the industrial bank; and

the depositors and other customers of the industrial bank; and
Section 7-8-5(2)(b)(i)Verify source
§ 7-8-5(2)(b)(ii)Subsection 7-8-5(2)(b)(ii)Provision

Source excerpt

the public.

the public.
Section 7-8-5(2)(b)(ii)Verify source

Legislative relationships

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