Idaho § 26-3509 LOANS TO DIRECTORS, OFFICERS OR EMPLOYEES PROHIBITED — LOANS TO AFFILIATES OR SUBSIDIARIES PROHIBITED

Idaho Statutes

§ 26-3509 — LOANS TO DIRECTORS, OFFICERS OR EMPLOYEES PROHIBITED — LOANS TO AFFILIATES OR SUBSIDIARIES PROHIBITED

Idaho·Title 26 BANKS AND BANKING·Ch. 35 TRUST INSTITUTIONS — STATE TRUST COMPANY ORGANIZATION — GENERAL PROVISIONS

(1)A state trust company or bank having a trust department shall not make any loan to any director, officer or employee of the trust institution or to any affiliate or subsidiary corporation or to any director, officer or employee of an affiliate or subsidiary corporation from its trust funds. A state trust company or bank having a trust department shall not permit any director, officer, employee, affiliate or subsidiary corporation to become indebted to it in any manner out of its trust funds unless specifically authorized to do so by the terms of the trust.

(2)This section shall not prevent the maintenance by a state trust company of its trust funds in time or demand deposits in an affiliate which is a bank, or a trust department of a bank from maintaining its trust funds in the bank i

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(1) A state trust company or bank having a trust department shall not make any loan to any director, officer or employee of the trust institution or to any affiliate or subsidiary corporation or to any director, officer or employee of an affiliate or subsidiary corporation from its trust funds. A state trust company or bank having a trust department shall not permit any director, officer, employee, affiliate or subsidiary corporation to become indebted to it in any manner out of its trust funds unless specifically authorized to do so by the terms of the trust.
(2) This section shall not prevent the maintenance by a state trust company of its trust funds in time or demand deposits in an affiliate which is a bank, or a trust department of a bank from maintaining its trust funds in the bank in accordance with section 26-3508, Idaho Code.

Idaho § 26-3509 (LOANS TO DIRECTORS, OFFICERS OR EMPLOYEES PROHIBITED — LOANS TO AFFILIATES OR SUBSIDIARIES PROHIBITED) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.