Utah Administrative Code
Topic - Financial Institutions
Title R339 - Industrial Loan Corporations
Rule R339-4 - Authority for Industrial Loan Corporations to Issue Subordinated Capital Notes or Debentures
Section R339-4-6 - Exception to the Limits on Amounts of Subordinated Capital Notes or Debentures which May be Issued
Current through Bulletin 2024-06, March 15, 2024
Notwithstanding the limitations of Sections 3 and 5 above, subordinated capital notes or debentures assumed under a supervisory action or plan of reorganization pursuant to Sections 7-2-1 or 7-2-12, may, at the discretion of the commissioner:
(1) Exceed the 50% of capital of the industrial loan corporation limitation imposed by Sections 3(2)(b) above; or
(2) Include the outstanding principal amount of subordinated capital notes or debentures maturing within one year in the capital of the industrial loan corporation for the purpose of determining the amount of "total capital" under the provisions of Section 7-8-14 and Rule R339-6.
