Esheria Esheria Statutes
Ask AI Sign in

United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-44

A qualifying credit union may be established as a corporate central credit union in the state, and that entity must follow reserve-transfer and reserve-maintenance rules, plus limits on charges to its central reserve.

Source excerpt

corporate central credit unioncredit union reservescredit unionsdividend periodsexaminationfeesgross earnings allocationinterlendinginvestment servicesliquidity managementloan limitsmembershipmembership eligibilityreservessupervision
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
On this page

Professional statute overview

Enactment structure, operative effect and source provenance

Official source

01

Purpose and legislative effect

“A qualifying credit union may be established as a corporate central credit union in the state, and that entity must follow reserve-transfer and reserve-maintenance rules, plus limits on charges to its central reserve.”

Use this record to locate individual provisions, understand the instrument’s recorded structure, and move from a research summary to the exact source text.

02

How the instrument operates

  1. 01

    Start with the recorded version

    Legal dates not recorded. The date shown identifies this source expression and should not be treated as proof that no later change exists.

  2. 02

    Locate the controlling provision

    Use the provision map, part headings and full-text filter to move from the broad subject to the exact legal language.

  3. 03

    Read conditions and exceptions together

    Keep subsections, definitions, provisos and cross-references in context before drawing a legal conclusion.

  4. 04

    Verify currency and official wording

    Confirm later legislation, commencement notices and corrections with the official publisher before advice, filing or reliance.

03

Research entry points

Selected provisions across the instrument. Open any row to continue with the exact stored text.

Corporate central credit union.

A qualifying credit union may be established as a corporate central credit union in the state, and that entity must follow reserve-transfer and reserve-maintenance rules, plus limits on charges to its central reserve.

Section 7-9-44

Subsection 7-9-44(3)

The corporate central credit union must transfer 2% of gross earnings to its central reserve at the end of each dividend period, starting January 1, 1984, until the reserve reaches 1.5% of total assets.

Section 7-9-44(3)

Subsection 7-9-44(5)(a)

to accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;

Section 7-9-44(5)(a)

Subsection 7-9-44(5)(c)

to obtain liquid funds from other credit union organizations, financial intermediaries, and other sources;

Section 7-9-44(5)(c)

Subsection 7-9-44(6)

A corporate central credit union does not have to pay supervision fees, but it still must pay examination fees.

Section 7-9-44(6)

04

Source and current-law status

In force source record

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

In force

This source records the instrument as in force. Confirm subsequent amendments, commencement notices, and judicial treatment before relying on it.

For advice, pleadings, or compliance decisions, retain the official source and confirm the current consolidated provision.

Official record

Source-indexed provision map

Sections and provisions

Search by section, heading, part or exact legal wording. Every result remains linked to the stored source record.

Showing 12 of 12 provisions

Provision 12
§ 7-9-44Corporate central credit union.Provision

Source excerpt

A qualifying credit union may be established as a corporate central credit union in the state, and that entity must follow reserve-transfer and reserve-maintenance rules, plus limits on charges to its central reserve.

Corporate central credit union. A credit union in which all credit unions, a bona fide trade association of authorized credit unions recognized by the commissioner, and its affiliates are eligible for membership may be established in this state and shall be known as a corporate central credit union. The corporate central credit union has all the powers and rights granted credit unions established under this chapter. The maximum loan by a corporate central credit union shall be established in the corporate central credit union bylaws. Beginning January 1, 1984, and at the end of each dividend period, the corporate central credit union, in lieu of a regular reserve as provided in Section 7-9-30 , shall transfer 2% of its gross earnings to its central reserve until the reserve equals 1-1/2% of total assets. If the central reserve falls below 1-1/2% of total assets, it shall be replenished by regular transfers of 2% of gross earnings or by contributions, whichever is less, in such amounts as are needed to maintain the central reserve at 1-1/2% of total assets. Charges may be made against the central reserve to the extent permitted against a regular reserve. No other charges may be made against the central reserve, except as authorized in writing by the commissioner. The purposes of the corporate central credit union are: to accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services; to act as an intermediary for credit union funds between members, other corporate credit unions, other financial institutions, and government agencies; to obtain liquid funds from other credit union organizations, financial intermediaries, and other sources; to foster and promote, in cooperation with other state, regional, and national corporate credit unions and credit union organizations or associations, the economic security, growth, and development of member credit unions; and to perform other financial services of benefit to its members authorized by the commissioner. The corporate central credit union is exempt from supervision fees but is subject to examination fees.
Section 7-9-44Verify source
§ 7-9-44(1)Subsection 7-9-44(1)Provision

Source excerpt

A credit union may be established in this state if all credit unions, a bona fide trade association of authorized credit unions recognized by the commissioner, and its affiliates are eligible for membership; if established, it must be known as a corporate central credit union.

A credit union in which all credit unions, a bona fide trade association of authorized credit unions recognized by the commissioner, and its affiliates are eligible for membership may be established in this state and shall be known as a corporate central credit union.
Section 7-9-44(1)Verify source
§ 7-9-44(2)Subsection 7-9-44(2)Provision

Source excerpt

A corporate central credit union has the same powers and rights as credit unions established under this chapter.

The corporate central credit union has all the powers and rights granted credit unions established under this chapter. The maximum loan by a corporate central credit union shall be established in the corporate central credit union bylaws.
Section 7-9-44(2)Verify source
§ 7-9-44(3)Subsection 7-9-44(3)Provision

Source excerpt

The corporate central credit union must transfer 2% of gross earnings to its central reserve at the end of each dividend period, starting January 1, 1984, until the reserve reaches 1.5% of total assets.

Beginning January 1, 1984, and at the end of each dividend period, the corporate central credit union, in lieu of a regular reserve as provided in Section 7-9-30 , shall transfer 2% of its gross earnings to its central reserve until the reserve equals 1-1/2% of total assets. If the central reserve falls below 1-1/2% of total assets, it shall be replenished by regular transfers of 2% of gross earnings or by contributions, whichever is less, in such amounts as are needed to maintain the central reserve at 1-1/2% of total assets.
Section 7-9-44(3)Verify source
§ 7-9-44(4)Subsection 7-9-44(4)Provision

Source excerpt

Charges against the central reserve are allowed only to the extent permitted against a regular reserve; other charges need the commissioner’s written authorization.

Charges may be made against the central reserve to the extent permitted against a regular reserve. No other charges may be made against the central reserve, except as authorized in writing by the commissioner.
Section 7-9-44(4)Verify source
§ 7-9-44(5)Subsection 7-9-44(5)Provision

Source excerpt

The corporate central credit union’s listed purposes include managing member credit-union liquidity, acting as an intermediary for funds, obtaining liquid funds, promoting member-credit-union development, and providing other commissioner-authorized financial services.

The purposes of the corporate central credit union are: to accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services; to act as an intermediary for credit union funds between members, other corporate credit unions, other financial institutions, and government agencies; to obtain liquid funds from other credit union organizations, financial intermediaries, and other sources; to foster and promote, in cooperation with other state, regional, and national corporate credit unions and credit union organizations or associations, the economic security, growth, and development of member credit unions; and to perform other financial services of benefit to its members authorized by the commissioner.
Section 7-9-44(5)Verify source
§ 7-9-44(5)(a)Subsection 7-9-44(5)(a)Provision

Source excerpt

to accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;

to accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;
Section 7-9-44(5)(a)Verify source
§ 7-9-44(5)(b)Subsection 7-9-44(5)(b)Provision

Source excerpt

to act as an intermediary for credit union funds between members, other corporate credit unions, other financial institutions, and government agencies;

to act as an intermediary for credit union funds between members, other corporate credit unions, other financial institutions, and government agencies;
Section 7-9-44(5)(b)Verify source
§ 7-9-44(5)(c)Subsection 7-9-44(5)(c)Provision

Source excerpt

to obtain liquid funds from other credit union organizations, financial intermediaries, and other sources;

to obtain liquid funds from other credit union organizations, financial intermediaries, and other sources;
Section 7-9-44(5)(c)Verify source
§ 7-9-44(5)(d)Subsection 7-9-44(5)(d)Provision

Source excerpt

It directs cooperation to foster and promote the economic security, growth, and development of member credit unions.

to foster and promote, in cooperation with other state, regional, and national corporate credit unions and credit union organizations or associations, the economic security, growth, and development of member credit unions; and
Section 7-9-44(5)(d)Verify source
§ 7-9-44(5)(e)Subsection 7-9-44(5)(e)Provision

Source excerpt

to perform other financial services of benefit to its members authorized by the commissioner.

to perform other financial services of benefit to its members authorized by the commissioner.
Section 7-9-44(5)(e)Verify source
§ 7-9-44(6)Subsection 7-9-44(6)Provision

Source excerpt

A corporate central credit union does not have to pay supervision fees, but it still must pay examination fees.

The corporate central credit union is exempt from supervision fees but is subject to examination fees.
Section 7-9-44(6)Verify source

Legislative relationships

0 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

No structured legislative relationships were detected

The statute remains fully searchable by provision. Consult the source text for amendments and cross-references that have not yet been indexed.

Recorded versions and source checkpoint

1 version available in this collection

Current-law checkpoint
  • Undated version · currentEnglish · In force

This relationship view does not by itself establish whether another instrument remains in force.

Check official source

Source-linked research

Ask AI about this statute

The overview, provisions, and source records above are public. Continue in a separate conversation with this statute’s jurisdiction and source version attached.

About this LexChat collection

Statute information is organised from identified legislative sources for professional research. Corrections can be reported to hello@esheria.ai.