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

7-8-14. Investment in property used in conduct of business.
(1) An industrial bank may invest in premises, equipment, and other property used inconducting its own business, as the board of directors may approve by resolution. This propertymay include:
(a) real property and any interest in real property, furniture, fixtures, and equipment foruse in carrying on its own business; and
(b) the stock, bonds, debentures, or other obligations of any subsidiary or affiliate whoseexclusive activity is the ownership and management of property used in conducting the industrialbank's business.
(2) The amount of these investments may not exceed 50% of the industrial bank's totalcapital, unless the commissioner approves a higher amount in writing.

Amended by Chapter 92, 2004 General Session