Utah Code 7-18a-206. Change of control of foreign depository institution
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Utah Code 7-18a-206
- Agency: means a place of business of a foreign depository institution located in this state that is authorized to exercise the powers permitted in Section 7-18a-301. See Utah Code 7-18a-102
- Branch: when used in reference to a foreign depository institution, means a place of business of a foreign depository institution located in this state that is authorized to exercise the powers permitted in Section 7-18a-301. See Utah Code 7-18a-102
- 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:
(a) direct or exercise a controlling influence over: (i) the management or policies of a financial institution; or (ii) the election of a majority of the directors or trustees of an institution; or (b) vote 25% or more of any class of voting securities of a financial institution. See Utah Code 7-1-103 - Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
(a) holds or receives deposits, savings, or share accounts; (b) issues certificates of deposit; or (c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103 - Foreign depository institution: means a depository institution chartered or authorized to transact business by a foreign government. See Utah Code 7-1-103
- Representative office: means a place of business of a foreign depository institution located in this state that is authorized to exercise powers permitted in Section 7-18a-301. See Utah Code 7-18a-102
- State: means , unless the context demands otherwise:
(a) a state; (b) the District of Columbia; or (c) the territories of the United States. See Utah Code 7-1-103 A foreign depository institution authorized by this state to transact business through an agency, branch, or representative office in this state shall file with the commissioner a notice, in such form and containing such information as the commissioner may prescribe, no later than 14 days after the change of control of the foreign depository institution.Enacted by Chapter 63, 1996 General Session
- Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that: