Utah Code 31A-5-307. Reduction in capital
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Terms Used In Utah Code 31A-5-307
- articles of incorporation: means :(11)(a) the original articles;(11)(b) a special law;(11)(c) a charter;(11)(d) an amendment;(11)(e) restated articles;(11)(f) articles of merger or consolidation;(11)(g) a trust instrument;(11)(h) another constitutive document for a trust or other entity that is not a corporation; and(11)(i) an amendment to an item listed in Subsections (11)(a) through (h). See Utah Code 31A-1-301
- Order: means an order of the commissioner. See Utah Code 31A-1-301
A stock corporation may reduce its capital by amendment of its articles of incorporation under Section 31A-5-219, if the commissioner is notified of the proposed reduction at least 60 days prior to the proposed effective date of the reduction. The commissioner may disapprove the reduction within 45 days after the notice if he finds that it would violate the law or would be contrary to the interests of insureds. His order shall explain in detail why the distribution is disapproved.