31A-5-208 - Deposit of proceeds of subscriptions. - Utah Statutes

31A-5-208. Deposit of proceeds of subscriptions.
(1) All funds, and the securities and documents representing interests in property,received by a stock corporation for stock subscriptions or by a mutual for applications forinsurance policies or for mutual bond or contribution note subscriptions, shall be deposited in thename of the corporation with a custodian financial institution qualified under Subsection31A-2-206(1). This deposit is subject to an escrow agreement approved by the commissionerunder which withdrawals may be made only in accordance with conditions specified in theagreement, and with the commissioner's approval. Securities may be held as authorized inSubsection 31A-2-206(2) and must be approved by the commissioner.
(2) This section does not apply to stock or mutual insurance corporations already inexistence on July 1, 1986.

Amended by Chapter 5, 1991 General Session