Utah § 7-8-14 Investment in property used in conduct of business.

Utah Statutes

§ 7-8-14 — Investment in property used in conduct of business.

Utah § 7-8-14

Title 7Financial Institutions Act

Ch. 7-8Industrial Banks

This text of Utah § 7-8-14 (Investment in property used in conduct of business.) 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. § 7-8-14 (2026).

Text

(1)An industrial bank may invest in premises, equipment, and other property used in conducting its own business, as the board of directors may approve by resolution. This property may include:

(1)(a) real property and any interest in real property, furniture, fixtures, and equipment for use in carrying on its own business; and

(1)(b) the stock, bonds, debentures, or other obligations of any subsidiary or affiliate whose exclusive activity is the ownership and management of property used in conducting the industrial bank's business.

(2)The amount of these investments may not exceed 50% of the industrial bank's total capital, unless the commissioner approves a higher amount in writing.

Free access — add to your briefcase to read the full text and ask questions with AI

(1) An industrial bank may invest in premises, equipment, and other property used in conducting its own business, as the board of directors may approve by resolution. This property may include:

(1)(a) real property and any interest in real property, furniture, fixtures, and equipment for use in carrying on its own business; and
(1)(b) the stock, bonds, debentures, or other obligations of any subsidiary or affiliate whose exclusive activity is the ownership and management of property used in conducting the industrial bank's business.
(2) The amount of these investments may not exceed 50% of the industrial bank's total capital, unless the commissioner approves a higher amount in writing.