State Codes and Statutes
Statutes > Utah > Title-07 > Chapter-18a > 7-18a-2027-18a-202. Application and fee to establish, relocate, or discontinue a foreigndepository institution agency, branch, or representative office -- Certificate of authority.
(1) To obtain a certificate of authority to transact business through an agency, branch, orrepresentative office in this state, a foreign depository institution shall:
(a) comply with Section 7-1-708;
(b) provide a copy and an accurate English translation of the foreign depositoryinstitution's articles of incorporation, or equivalent, that evidences authority to transact business asa depository institution;
(c) provide satisfactory evidence that the foreign depository institution has complied withthe laws of the chartering country authorizing the foreign depository institution to engage in thebusiness of a depository institution;
(d) irrevocably designate the commissioner as the foreign depository institution's agentfor service of process;
(e) provide a written certificate of designation that specifies the name and address of theperson to whom the commissioner shall forward any process that has been served; and
(f) pay to the department a filing fee as required by Subsection 7-1-401(6).
(2) The written certificate of designation, required in Subsection (1)(e) may be changedfrom time to time by filing a new certificate of designation.
(3) To obtain authorization to relocate an authorized agency, branch, or representativeoffice in this state, a foreign depository institution shall comply with Section 7-1-708.
(4) (a) To obtain authorization to discontinue an agency, branch, or representative officein this state, a foreign depository institution shall comply with Section 7-1-709.
(b) Upon notice of authorization to discontinue an agency, branch, or representative officeand the satisfaction of all conditions precedent to discontinuance, the foreign depositoryinstitution may close the agency, branch, or representative office and promptly surrender to thecommissioner the certificate of authority.
(5) If the commissioner authorizes a foreign depository institution to transact businessthrough an agency, branch, or representative office in this state, the commissioner shall issue acertificate of authority that states:
(a) fully the name of the foreign depository institution to which the certificate of authorityis issued;
(b) the address at which the agency, branch, or representative office of the foreigndepository institution is to be located;
(c) the authority granted to the foreign depository institution;
(d) the effective and expiration dates of the certificate of authority; and
(e) any other information required by the commissioner.
(6) Each foreign depository institution agency, branch, or representative office shalldisplay the certificate of authority issued by the commissioner in a conspicuous place at the placeof business specified in the certificate.
(7) A certificate of authority is neither transferable nor assignable.
Enacted by Chapter 63, 1996 General Session
