7-3-36 - Loans to officers, directors and stockholders. - Utah Statutes

7-3-36. Loans to officers, directors and stockholders.
A bank may lend its funds or extend credit to any executive officer or director of the bankor to any person who directly or indirectly owns, controls, or has the power to vote 10% or moreof any class of voting securities of the bank only in the manner and to the extent that thecommissioner may prescribe by regulation. Any limitations imposed by the commissioner underthis section may not be more restrictive than those prescribed by regulations issued by the bank'sfederal supervisory or insuring agency.

Amended by Chapter 8, 1983 General Session