Utah Code -- Title 07 -- Chapter 07 -- Savings and Loan Associations Act

Code in HTML Format with Links to Zipped WordPerfect

Updated: 21 December 2009

7-7-1    Citation of chapter -- Application of Utah Revised Business Corporation Act.

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7-7-2    Definitions.

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7-7-3    Incorporators -- Certificate of authority -- Articles of incorporation -- Amendment -- Bylaws -- Liability for debts of association.

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7-7-3.1    Limitation of personal liability of directors.

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7-7-3.2    General limitation on liability.

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7-7-3.3    Deposit insurance required.

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7-7-4    Mutual association -- Chair of incorporators -- Surety bond or escrow -- Capital requirements -- Expense fund -- Organization meeting.

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7-7-5    Capital stock association -- Chair of incorporators -- Surety bond or escrow -- Capital requirements -- Surplus -- Acquisition of own stock -- Organization meeting.

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7-7-6    Name requirements -- Establishment or changing location of offices.

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7-7-7    Conversion of associations.

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7-7-8    Reorganization, merger or consolidation of association.

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7-7-9    Dissolution of association.

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7-7-10    Meetings of mutual association members -- Voting -- Notice.

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7-7-11    Meetings of stock association stockholders -- Voting -- Notice.

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7-7-12    Inspection of books and records -- Confidentiality -- Communication between members or stockholders.

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7-7-13    Board of directors -- Number -- Election -- Qualifications -- Disqualification -- Terms -- Vacancies -- Removal.

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7-7-14    Bonding of directors, officers, employees and collection agents.

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7-7-15    Fiduciary relationship of directors and officers to association -- Disclosure requirements -- Prohibitions -- Violations as misdemeanors.

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7-7-16    Depositories used by associations.

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7-7-17    Indemnification of directors, officers and employees.

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7-7-18    Operating or management contract terms.

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7-7-19    Record and accounting requirements -- Valuation of assets.

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7-7-20    Reserve and net worth requirements.

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7-7-21    Powers of associations.

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7-7-22    Savings accounts -- Liabilities -- Opening -- Relationship between association and account holder -- Earnings -- Preferences -- Types of accounts.

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7-7-23    Savings accounts as legal investments and as deposits.

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7-7-24    Earnings on savings accounts.

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7-7-25    Withdrawal or transfer of savings accounts.

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7-7-26    Redemption of savings accounts.

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7-7-27    Liquidity prerequisite for loans and investments.

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7-7-28    Investments by associations.

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7-7-29    Investment in service organizations, business development credit corporations and service corporations.

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7-7-30    Investment in property used in conduct of business -- Investment in manner not prohibited by law.

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7-7-31    Investment in real estate for sale or income production -- Purchase of real estate securing loan.

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7-7-32    Agreements committing assets to lines of credit -- Stock ownership or affiliation with credit card companies.

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7-7-33    Investments in loans -- Payments to protect real estate loans -- Requiring borrower to pay taxes, insurance and other charges on real estate in advance.

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7-7-34    Charging borrower for expenses and services for real estate loan.

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7-7-35    Sale of real estate securities -- Dealing with buyer -- Liability of original borrower.

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7-7-36    Actions necessary to avoid loss on loans and investments.

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7-7-38    Reports and examinations required -- Access to records.

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7-7-40    Federal associations.

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7-7-41    Additional powers of associations belonging to federal home loan bank system.

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7-7-42    Members, stockholders or employees not disqualified to take acknowledgments or proofs.

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7-7-43    Previously incorporated associations.

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7-7-44    Chapter controls over inconsistent laws.

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means this portion of the Utah Code has been modified since the last update on 28 May 2009.

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Last revised: 21 December 2009

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