§ 7-3-21 — Stock ownership by banks.

Utah § 7-3-21

• Jurisdiction: Utah
• Title 7: Financial Institutions Act
• Ch. 7-3: Banks

Text

(1) A bank may purchase, own and hold, and sell or otherwise dispose of:

(1)(a) shares of the Federal Reserve Bank of the Twelfth Federal Reserve District;
(1)(b) the stock of a corporation organized under the laws of the United States for purposes similar to those of the federal reserve banks or the Federal Deposit Insurance Corporation;
(1)(c) shares of the Federal National Mortgage Association;
(1)(d) the stock of a safe deposit company;
(1)(e) the stock of a corporation owning the banking house in which any place of business of the bank is located;
(1)(f) the stock of a bank service corporation performing services for the bank;
(1)(g) the stock of a corporation acquired by the bank in satisfaction of or on account of debts previously contracted in the course of the bank's business;
(1)(h) the stock of a foreign banking corporation;
(1)(i) the stock of a corporation authorized under Title IX of the Housing and Urban Development Act of 1968;
(1)(j) the stock of the Government National Mortgage Association authorized under 12 U.S.C. Sec. 1716 et seq.;
(1)(k) the stock of a charitable foundation;
(1)(l) the stock of a community development corporation;
(1)(m) the stock of bankers' banks; and
(1)(n) the stock of an agricultural credit corporation.
(2) A bank may invest in a small business investment company to the same extent allowed federally chartered banks.
(3) Unless expressly authorized by this chapter, a bank may not purchase or own the stock of any other corporation except in a fiduciary capacity.

Legislative History

Amended by Chapter 97, 2014 General Session