Utah Code 53B-7-601. Foreign bank accounts for higher education purposes
Current as of: 2024 | Check for updates
|
Other versions
(1) As used in this section, “foreign depository institution” is as defined in Section 7-1-103 .
Terms Used In Utah Code 53B-7-601
- Contract: A legal written agreement that becomes binding when signed.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) In accordance with Subsection 51-7-4(1)(b)(iii) , a higher education institution may deposit funds in a foreign depository institution for purposes of conducting academic, research, or clinical activities in the foreign country, if the:
(2)(a) laws of the foreign country require the money to be deposited in the foreign country; or
(2)(b) terms of a grant, gift, or contract require the funds to be deposited in the foreign country.
(3) The foreign depository institution in which funds are deposited under this section shall meet the requirements of rules made by the State Money Management Council under Section 51-7-18 .