7-3-10 - Organization -- Powers, rights, and privileges of banking corporation -- Other business activities. - Utah Statutes

7-3-10. Organization -- Powers, rights, and privileges of banking corporation --Other business activities.
(1) A bank chartered under this chapter shall be:
(a) a domestic corporation under Title 16, Chapter 10a, Utah Revised BusinessCorporation Act; or
(b) subject to Section 7-1-810, including the requirement that the bank be an SCorporation immediately before becoming a limited liability company, a limited liabilitycompany created under Title 48, Chapter 2c, Utah Revised Limited Liability Company Act.
(2) A bank has all the rights, privileges, and powers necessary or incidental to carrying onthe business of banking in addition to the powers granted:
(a) if the bank is a corporation, under Title 16, Chapter 10a, Utah Revised BusinessCorporation Act; or
(b) subject to Section 7-1-810, if the bank is a limited liability company, under Title 48,Chapter 2c, Utah Revised Limited Liability Company Act.
(3) The commissioner may, by rule or order, determine that necessary or incidentalrights, privileges, and powers include:
(a) the rights, privileges, and powers held by national banks; or
(b) other business activities so long as the commissioner's determination is notinconsistent with the rules, regulations, or other actions of the board of governors of the FederalReserve System under Section 4(c)(8) of the Bank Holding Company Act of 1956, 12 U.S.C.Sec. 1843(c)(8).
(4) The commissioner shall implement this section in a manner consistent with thepurposes set forth in Section 7-1-102.

Amended by Chapter 277, 2007 General Session