Utah Code 7-8-14. Investment in property used in conduct of business
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(1) An industrial bank may invest in premises, equipment, and other property used in conducting its own business, as the board of directors may approve by resolution. This property may include:
Terms Used In Utah Code 7-8-14
- Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
- Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
- Industrial bank: means a corporation or limited liability company conducting the business of an industrial bank under Chapter 8, Industrial Banks. See Utah Code 7-1-103
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: includes :(31)(a) land;(31)(b) a tenement;(31)(c) a hereditament;(31)(d) a water right;(31)(e) a possessory right; and(31)(f) a claim. See Utah Code 68-3-12.5
- Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103
- Writing: includes :(48)(a) printing;(48)(b) handwriting; and(48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5
(1)(a) real property and any interest in real property, furniture, fixtures, and equipment for use in carrying on its own business; and
(1)(b) the stock, bonds, debentures, or other obligations of any subsidiary or affiliate whose exclusive activity is the ownership and management of property used in conducting the industrial bank‘s business.
(2) The amount of these investments may not exceed 50% of the industrial bank’s total capital, unless the commissioner approves a higher amount in writing.