16-13-1. Organization of development corporations under Utah Revised Business Corporation Act — Corporate name. Corporations to conduct a development business as specified in this act may be formed under the provisions of Title 16, Chapter 10a, Utah Revised Business Corporation Act, and all the rights, privileges, and powers and all the duties and obligations of […]
16-13-10. Amount of net earnings set apart as earned surplus. Each year a development corporation shall set apart as earned surplus not less than 10% of its net earnings for its preceding fiscal year until such surplus is equal in value to one-half of the amount paid in on the shares of the corporation then […]
16-13-11. Designation of depository. A development corporation may not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or […]
16-13-12. Licensing, supervision, and examination by commissioner of financial institutions — Fees. A development corporation shall be licensed, supervised, and examined by the commissioner of financial institutions and shall make such report of its condition from time to time as the commissioner shall require. A development corporation shall pay a fee determined by the commissioner […]
16-13-3. Purposes of development corporation. The purposes of a development corporation shall include the following: The purposes of a development corporation shall be to assist, promote, encourage and, through the cooperative efforts of the institutions and corporations which, from time to time, shall become lenders thereto, to develop and advance the business prosperity and economic […]
16-13-4. General powers of business development corporation. In furtherance of the purposes of a development corporation, and in addition to the powers conferred on corporations by Title 16, Chapter 10a, Utah Revised Business Corporation Act, such corporation, subject to the restrictions and limitations contained in this act, shall have the following powers: (1) To borrow […]
16-13-5. Bonds or securities, capital stock of development corporations — Authority to purchase, hold, or dispose of — Rights of holders — Rights of financial institutions. (1) All persons, firms, partnerships, associations, trusts and domestic and foreign corporations organized or authorized to do business in this state, including, without implied limitation, all financial institutions, public […]
16-13-8. Board of directors — Number and election of members. The board of directors of a development corporation shall be of such number in multiples of three, but not less than six, as shall be determined in the first instance by the articles of incorporation and thereafter annually by the stockholders of the corporation. The […]
16-13-9. Requirement before commencing business — Cash consideration for shares — Minimum stated capital. A development corporation incorporated after July 1, 1979, may not transact any business or incur any indebtedness, except as is incidental to its organization or to obtain subscriptions to or payment for its shares, until there has been paid in for […]
