7-8-14. Investment in property used in conduct of business.
(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:
(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
Download Code Section Zipped WordPerfect 07_08_001400.ZIP 2,135 Bytes
Sections in this Chapter|Chapters in this Title|All Titles|Legislative Home Page
Last revised: Thursday, May 28, 2009