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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-26

Loans to members -- Investment officers -- Investments. Subject to Subsections 7-9-20(7) and (8) and Section 7-9-58 , capital and surplus of the credit union shall be loaned to the members for the purposes and upon the…

Source excerpt

bylawscredit union investmentsgovernanceinvestmentslendingmember financingmember loans
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“Loans to members -- Investment officers -- Investments. Subject to Subsections 7-9-20(7) and (8) and Section 7-9-58 , capital and surplus of the credit union shall be loaned to the members for the purposes and upon the endorsements or”

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Loans to members -- Investment officers -- Investments.

Loans to members -- Investment officers -- Investments. Subject to Subsections 7-9-20(7) and (8) and Section 7-9-58 , capital and surplus of the credit union shall be loaned to the members for the purposes and upon the endorsements or

Section 7-9-26

Subsection 7-9-26(2)

Within 30 days after the annual meeting of the members the board of directors may appoint one or more investment officers who shall have responsibilities for the credit union investment portfolio based upon policy established by the board

Section 7-9-26(2)

Subsection 7-9-26(3)(b)

in obligations of any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories organized by Congress, or any of their political subdivisions;

Section 7-9-26(3)(b)

Subsection 7-9-26(3)(d)

Permits investment in loans to, shares or deposits of specified federally insured or central credit unions, or a central liquidity facility established under state or federal law.

Section 7-9-26(3)(d)

04

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

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Showing 10 of 10 provisions

Provision 10
§ 7-9-26Loans to members -- Investment officers -- Investments.Provision

Source excerpt

Loans to members -- Investment officers -- Investments. Subject to Subsections 7-9-20(7) and (8) and Section 7-9-58 , capital and surplus of the credit union shall be loaned to the members for the purposes and upon the endorsements or

Loans to members -- Investment officers -- Investments. Subject to Subsections 7-9-20(7) and (8) and Section 7-9-58 , capital and surplus of the credit union shall be loaned to the members for the purposes and upon the endorsements or security and the terms as the bylaws provide. Within 30 days after the annual meeting of the members the board of directors may appoint one or more investment officers who shall have responsibilities for the credit union investment portfolio based upon policy established by the board of directors and as provided in this chapter or in the bylaws. The credit union by action of its board of directors may invest its funds as follows: in securities, obligations, or other instruments of, or issued by, or fully guaranteed as to principal and interest by, the United States of America or any of its agencies, or in any trusts established by investing directly or collectively in these instruments; in obligations of any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories organized by Congress, or any of their political subdivisions; in certificates of deposit or accounts issued by a federally insured state or national depository institution; in loans to, or in shares or deposits of, other federally insured credit unions, central credit unions, corporate credit unions, or a central liquidity facility established under state or federal law; in shares, stocks, loans, or other obligations of any organization, corporation, or association, if the membership or ownership of the organization, corporation, or association is primarily confined or restricted to credit unions, and if the purpose for which it is organized is to strengthen or advance the development of credit unions or credit union organizations; and in other investments that are reasonable and prudent.
Section 7-9-26Verify source
§ 7-9-26(1)Subsection 7-9-26(1)Provision

Source excerpt

Subject to cited cross-references, a credit union’s capital and surplus must be loaned to members under the purposes, endorsements or security, and terms provided in its bylaws.

Subject to Subsections 7-9-20(7) and (8) and Section 7-9-58 , capital and surplus of the credit union shall be loaned to the members for the purposes and upon the endorsements or security and the terms as the bylaws provide.
Section 7-9-26(1)Verify source
§ 7-9-26(2)Subsection 7-9-26(2)Provision

Source excerpt

Within 30 days after the annual meeting of the members the board of directors may appoint one or more investment officers who shall have responsibilities for the credit union investment portfolio based upon policy established by the board

Within 30 days after the annual meeting of the members the board of directors may appoint one or more investment officers who shall have responsibilities for the credit union investment portfolio based upon policy established by the board of directors and as provided in this chapter or in the bylaws.
Section 7-9-26(2)Verify source
§ 7-9-26(3)Subsection 7-9-26(3)Provision

Source excerpt

A credit union may invest its funds, if its board of directors acts, in the listed categories of investments and in other reasonable and prudent investments.

The credit union by action of its board of directors may invest its funds as follows: in securities, obligations, or other instruments of, or issued by, or fully guaranteed as to principal and interest by, the United States of America or any of its agencies, or in any trusts established by investing directly or collectively in these instruments; in obligations of any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories organized by Congress, or any of their political subdivisions; in certificates of deposit or accounts issued by a federally insured state or national depository institution; in loans to, or in shares or deposits of, other federally insured credit unions, central credit unions, corporate credit unions, or a central liquidity facility established under state or federal law; in shares, stocks, loans, or other obligations of any organization, corporation, or association, if the membership or ownership of the organization, corporation, or association is primarily confined or restricted to credit unions, and if the purpose for which it is organized is to strengthen or advance the development of credit unions or credit union organizations; and in other investments that are reasonable and prudent.
Section 7-9-26(3)Verify source
§ 7-9-26(3)(a)Subsection 7-9-26(3)(a)Provision

Source excerpt

in securities, obligations, or other instruments of, or issued by, or fully guaranteed as to principal and interest by, the United States of America or any of its agencies, or in any trusts established by investing directly or collectively

in securities, obligations, or other instruments of, or issued by, or fully guaranteed as to principal and interest by, the United States of America or any of its agencies, or in any trusts established by investing directly or collectively in these instruments;
Section 7-9-26(3)(a)Verify source
§ 7-9-26(3)(b)Subsection 7-9-26(3)(b)Provision

Source excerpt

in obligations of any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories organized by Congress, or any of their political subdivisions;

in obligations of any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories organized by Congress, or any of their political subdivisions;
Section 7-9-26(3)(b)Verify source
§ 7-9-26(3)(c)Subsection 7-9-26(3)(c)Provision

Source excerpt

in certificates of deposit or accounts issued by a federally insured state or national depository institution;

in certificates of deposit or accounts issued by a federally insured state or national depository institution;
Section 7-9-26(3)(c)Verify source
§ 7-9-26(3)(d)Subsection 7-9-26(3)(d)Provision

Source excerpt

Permits investment in loans to, shares or deposits of specified federally insured or central credit unions, or a central liquidity facility established under state or federal law.

in loans to, or in shares or deposits of, other federally insured credit unions, central credit unions, corporate credit unions, or a central liquidity facility established under state or federal law;
Section 7-9-26(3)(d)Verify source
§ 7-9-26(3)(e)Subsection 7-9-26(3)(e)Provision

Source excerpt

in shares, stocks, loans, or other obligations of any organization, corporation, or association, if the membership or ownership of the organization, corporation, or association is primarily confined or restricted to credit unions, and if

in shares, stocks, loans, or other obligations of any organization, corporation, or association, if the membership or ownership of the organization, corporation, or association is primarily confined or restricted to credit unions, and if the purpose for which it is organized is to strengthen or advance the development of credit unions or credit union organizations; and
Section 7-9-26(3)(e)Verify source
§ 7-9-26(3)(f)Subsection 7-9-26(3)(f)Provision

Source excerpt

in other investments that are reasonable and prudent.

in other investments that are reasonable and prudent.
Section 7-9-26(3)(f)Verify source

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