Utah § 31A-5-307 Reduction in capital.

Utah Statutes

§ 31A-5-307 — Reduction in capital.

Utah § 31A-5-307

Title 31AInsurance Code

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

Part 31A-5-3Securities of Domestic Insurance Corporations

This text of Utah § 31A-5-307 (Reduction in capital.) 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-5-307 (2026).

Text

A stock corporation may reduce its capital by amendment of its articles of incorporation under Section 31A-5-219, if the commissioner is notified of the proposed reduction at least 60 days prior to the proposed effective date of the reduction.  The commissioner may disapprove the reduction within 45 days after the notice if the commissioner finds that it would violate the law or would be contrary to the interests of insureds.  The commissioner's order shall explain in detail why the distribution is disapproved.

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A stock corporation may reduce its capital by amendment of its articles of incorporation under Section 31A-5-219, if the commissioner is notified of the proposed reduction at least 60 days prior to the proposed effective date of the reduction. The commissioner may disapprove the reduction within 45 days after the notice if the commissioner finds that it would violate the law or would be contrary to the interests of insureds. The commissioner's order shall explain in detail why the distribution is disapproved.