| (1) |
A bank chartered under this chapter shall be:
Terms Used In Utah Code 7-3-10- 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
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
| (a) |
a domestic corporation under Title 16, Chapter 10a, Utah Revised Business Corporation Act; or |
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| (2) |
A bank has all the rights, privileges, and powers necessary or incidental to carrying on the business of banking in addition to the powers granted:
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| (3) |
The commissioner may, by rule or order, determine that necessary or incidental rights, privileges, and powers include:
| (a) |
the rights, privileges, and powers held by national banks; or |
| (b) |
other business activities so long as the commissioner’s determination is not inconsistent with the rules, regulations, or other actions of the board of governors of the Federal Reserve System under Section 4(c)(8) of the Bank Holding Company Act of 1956, 12 U.S.C. § 1843(c)(8). |
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| (4) |
The commissioner shall implement this section in a manner consistent with the purposes set forth in Section 7-1-102. |
Amended by Chapter 281, 2018 General Session
