Utah § 31A-5-208 Deposit of proceeds of subscriptions.

Utah Statutes

§ 31A-5-208 — Deposit of proceeds of subscriptions.

Utah § 31A-5-208

Title 31AInsurance Code

Ch. 31A-5Domestic Stock and Mutual Insurance Corporations

Part 31A-5-2Organization of Corporations

This text of Utah § 31A-5-208 (Deposit of proceeds of subscriptions.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 31A-5-208 (2026).

Text

(1)All funds, and the securities and documents representing interests in property, received by a stock corporation for stock subscriptions or by a mutual for applications for insurance policies or for mutual bond or contribution note subscriptions, shall be deposited in the name of the corporation with a custodian financial institution qualified under Subsection 31A-2-206(1). This deposit is subject to an escrow agreement approved by the commissioner under which withdrawals may be made only in accordance with conditions specified in the agreement, and with the commissioner's approval. Securities may be held as authorized in Subsection 31A-2-206(2) and are required to be approved by the commissioner.

(2)This section does not apply to stock or mutual insurance corporations already in exi

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(1) All funds, and the securities and documents representing interests in property, received by a stock corporation for stock subscriptions or by a mutual for applications for insurance policies or for mutual bond or contribution note subscriptions, shall be deposited in the name of the corporation with a custodian financial institution qualified under Subsection 31A-2-206(1). This deposit is subject to an escrow agreement approved by the commissioner under which withdrawals may be made only in accordance with conditions specified in the agreement, and with the commissioner's approval. Securities may be held as authorized in Subsection 31A-2-206(2) and are required to be approved by the commissioner.
(2) This section does not apply to stock or mutual insurance corporations already in existence on July 1, 1986.