Utah Code 63H-8-304. Power to borrow money and make loans — Issuance of notes and bonds — Mortgage backed securities
Current as of: 2023 | Check for updates
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63H-8-304. Power to borrow money and make loans — Issuance of notes and bonds — Mortgage backed securities.
(1) | The corporation has the power to borrow money and to issue its notes, bonds, and other obligations in principal amounts as the corporation determines is necessary to provide sufficient money for:
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(3) |
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(4) |
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(5) | A resolution authorizing notes or bonds or their issue may contain provisions, which are a part of the contract or contracts with their holders, as to:
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(6) |
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(7) | The corporation, subject to the agreements with noteholders or bondholders as may then exist, has power to use available money to purchase notes or bonds of the corporation, which shall immediately be cancelled unless held for resale, at a price not exceeding:
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(8) |
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(9) | Whether or not the notes and bonds are of the form and character as to be negotiable instruments under the terms of the Uniform Commercial Code, the notes and bonds are negotiable instruments within the meaning of and for all the purposes of the Uniform Commercial Code, subject only to the provisions of the notes and bonds relating to registration. |
(10) | In the event that any of the trustees or officers of the corporation cease to be trustees or officers of the corporation prior to the delivery of any notes or bonds or coupons signed by the trustees or officers, signatures or facsimiles of trustees or officers signatures are valid and sufficient for all purposes, the same as if the trustees or officers had remained in office until the delivery. |
(11) | A trustee or officer of the corporation executing the notes or bonds issued under this chapter is not subject to personal liability or accountability by reason of the issuance of the notes or bonds. |
(12) | The corporation may provide for the replacement of lost, destroyed, or mutilated bonds or notes. |
(13) | The corporation may sell mortgage loans it has purchased or made for cash or it may exchange mortgage loans for mortgage-backed securities and sell the mortgage-backed securities for cash. |
Renumbered and Amended by Chapter 226, 2015 General Session