State Codes and Statutes
Statutes > Utah > Title-07 > Chapter-07 > 7-7-287-7-28. Investments by associations.
Associations may invest, without limit, in the following stocks, obligations andinstruments, or in participations in them:
(1) obligations of, or obligations which are fully guaranteed as to principal and interestby, the United States or this state or any of its political subdivisions;
(2) stock or obligations of any federal home loan bank or banks;
(3) stock or obligations of any international home loan bank or similar agency which maybe incorporated by authority of an act of Congress;
(4) stock or obligations of the Federal Deposit Insurance Corporation or successor federaldeposit insurance agency;
(5) stock, obligations, or other instruments of, or issued by, or fully guaranteed as toprincipal and interest by, the Federal National Mortgage Association, Student Loan MarketingAssociation, Government National Mortgage Association, Federal Home Loan MortgageCorporation, or any other agency or instrumentality of the United States, and an association mayissue and sell securities which are guaranteed under Subsection 306(g) of the National HousingAct;
(6) mortgages, obligations, or other securities which are or ever have been sold by theFederal Home Loan Mortgage Corporation under Sections 305 or 306 of the Federal Home LoanMortgage Corporation Act;
(7) obligations of, or guaranteed as to principal and interest by, the Dominion of Canadaor any of its provinces if the principal and interest of these obligations are payable in UnitedStates funds;
(8) obligations issued or guaranteed by the International Bank for Reconstruction andDevelopment, or by the Inter-American Development Bank;
(9) stock issued by a corporation authorized to be created under Title IX of the Housingand Urban Development Act of 1968 and investments in any partnership, limited partnership, orjoint venture formed pursuant to Section 907(a) or 907(c) of that act;
(10) stock or obligations of any state housing corporation;
(11) shares or certificates in any open-end management investment company registeredwith the Securities and Exchange Commission under the Investment Company Act of 1940, theportfolio of which is restricted by law or agreement to investments in which associations arepermitted to invest directly without limitation;
(12) demand, time, or savings deposits, certificates, shares, or accounts, or otherobligations of any financial institution the deposits of which are insured by a federal agency orinstrumentality;
(13) bankers' acceptances and commercial paper which are eligible for purchase byfederal reserve banks;
(14) commercial paper and corporate debt securities rated in the top four ratings of anationally recognized rating service;
(15) financial futures and options;
(16) share capital and capital reserve of the Inter-American Savings and Loan Bank, butthe aggregate investment may not exceed, for any association, 2% of its assets;
(17) stock, obligations, or other securities of any small business investment companyformed pursuant to Section 301(d) of the Small Business Investment Act of 1958, for the purposeof aiding members of the Federal Home Loan Bank System, but the aggregate investment may
not exceed, for any association, 2% of its assets; and
(18) other investments approved by the commissioner.
Amended by Chapter 200, 1994 General Session
