17-5-1651. Limitations on board's power.
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/mt/title-17/chapter-5/part-16/17-5-1651·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
17-5-1651 . Limitations on board's power. Under this part, the board may not:
(1)make loans of money to any person, firm, or corporation other than an eligible government unit or purchase securities issued by any person, firm, or corporation other than an eligible government unit as provided in this part;
(2)emit bills of credit, accept deposits of money for time or demand deposit, engage in any form or manner in the conduct of any private or commercial banking business, or act as a savings bank or savings and loan association;
(3)be or constitute a bank or trust company within the jurisdiction or under the control of the department of administration or the comptroller of the currency of the United States department of the treasury;
(4)be or constitute a bank, banker, or dealer in securities within the meaning of or subject to the provisions of any securities, securities exchange, or securities dealers law of the United States or of this state or of any other state.