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

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Updated: 11 January 2012

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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 1 November 2011.