Utah Code 7-1-305. Final decisions on applications for new institutions, branches, relocation, merger, consolidation, acquisition and changes in control of financial institutions
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Terms Used In Utah Code 7-1-305
- Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
- control: means the power, directly or indirectly, or through or in concert with one or more persons, to:(5)(a) direct or exercise a controlling influence over:(5)(a)(i) the management or policies of a financial institution; or(5)(a)(ii) the election of a majority of the directors or trustees of an institution; or(5)(b) vote 25% or more of any class of voting securities of a financial institution. See Utah Code 7-1-103
- Department: means the Department of Financial Institutions. See Utah Code 7-1-103
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
The commissioner shall make final decisions consistent with the purposes and provisions of this title on behalf of the department upon all applications to the department for approval of new institutions, branches, relocation, mergers or consolidation, acquisitions and changes in control of institutions subject to the jurisdiction of the department.