File No. 36779
This notice was published in the October 15, 2012, issue (Vol. 2012, No. 20) of the Utah State Bulletin.
Financial Institutions, Banks
Rule R333-9
Indemnification of Directors, Officers, and Employees
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 36779
Filed: 09/17/2012 09:09:46 AM
NOTICE OF REVIEW AND STATEMENT OF CONTINUATION
Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:
Subsection 7-1-301(4) authorizes the commissioner to safeguard the interest of shareholders, members, depositors, and other customers of institutions. Section 7-3-13 restricts changes in the articles of incorporation if the change would result in the impairment of the rights, remedies, or securities of depositors and other creditors.
Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:
No supporting or opposing written comments have been received by the agency concerning this rule.
Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:
The rule defines, clarifies, and limits the extent to which a state-chartered bank may provide in its articles of incorporation or bylaws for the indemnification of directors, officers, and employees. The rule also deters acts that could threaten the safety and soundness of banks by specifically prohibiting the indemnification of directors, officers, and employees and should be continued.
The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:
Financial InstitutionsBanksRoom 201
324 S STATE ST
SALT LAKE CITY, UT 84111-2393
Direct questions regarding this rule to:
- Paul Allred at the above address, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at [email protected]
Authorized by:
Edward Leary, Commissioner
Effective:
09/17/2012
Additional Information
The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull-pdf/2012/b20121015.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version.
For questions regarding the content or application of this rule, please contact Paul Allred at the above address, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at [email protected].