Utah Admin. Code R590-238-13 - Directors and Managers
(1) A company shall
report any change in any executive officer, director, or manager to the
commissioner within 30 days and shall include in its report a biographical
affidavit of any new executive officer, director, or manager.
(2) An officer, director, manager, or
employee of a company may not, except on behalf of the company, accept or be
the beneficiary of any fee, brokerage, gift, or other emolument because of any
investment, loan, deposit, purchase, sale, payment, or exchange made by or for
the company.
(3) An officer,
director, manager, or employee may receive reasonable compensation for
necessary services provided to the company in their usual private,
professional, or business capacity.
(4) Any profit or gain received by or on
behalf of a person in violation of Subsection (2) shall inure to the
company.
Notes
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