| (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
| (a) |
real property and any interest in real property, furniture, fixtures, and equipment for use in carrying on its own business; and |
| (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. |
Amended by Chapter 92, 2004 General Session
