7-3-21 - Stock ownership by banks. - Utah Statutes

7-3-21. Stock ownership by banks.
Any bank may purchase, own and hold, and sell or otherwise dispose of, any of the sharesof the capital stock of the Federal Deposit Insurance Corporation, the Federal Reserve Bank ofthe Twelfth Federal Reserve District, the stock of any corporation or corporations organizedunder the laws of the United States for purposes similar to those of the federal reserve banks orthe Federal Deposit Insurance Corporation, the Federal National Mortgage Association, the stockof any safe deposit company, the stock of any corporation owning the banking house in whichany place of business of such bank is located, the stock of any bank service corporationperforming services for such bank, and the stock of such other corporation acquired by such bankin satisfaction of or on account of debts previously contracted in the course of its business, andmay invest in small business investment companies to the same extent allowed federally charteredbanks. Unless expressly authorized by this chapter, a bank may not purchase or own the stock ofany other corporation except in a fiduciary capacity.

Enacted by Chapter 16, 1981 General Session