9-4-915 - Corporation money -- Depositing and paying out -- Power to contract with holders of notes and bonds -- Money held in trust. - Utah Statutes

9-4-915. Corporation money -- Depositing and paying out -- Power to contract withholders of notes and bonds -- Money held in trust.
(1) (a) All money of the corporation, except as otherwise authorized or provided in thispart, shall be deposited as soon as practicable in a separate account or accounts in banks or trustcompanies organized under the laws of the state or national banking association.
(b) The money in these accounts shall be paid out on checks signed by the president orother officers or employees of the corporation as the corporation shall authorize.
(c) All deposits of money shall, if required by the corporation, be secured in a manner asthe corporation determines to be prudent, and all banks and trust companies are authorized togive security for the deposits.
(2) (a) Notwithstanding the provisions of this section, the corporation shall have powerto contract with the holders of any of its notes or bonds as to the custody, collection, securing,investment, and payment of any money of the corporation and of any money held in trust orotherwise for the payment of notes or bonds, and to carry out that contract.
(b) Money held in trust or otherwise for the payment of notes or bonds or in any way tosecure notes or bonds and deposits of money may be secured in the same manner as money of thecorporation, and all banks and trust companies are authorized to give security for the deposits.

Amended by Chapter 319, 2001 General Session