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Can you summarize WYST 13-12-103?
SPECIAL PURPOSE DEPOSITORY INSTITUTIONS > Special purpose depository institutions created as corporations; operating authority; powers; prohibition on lending
Short Summary
This legal document pertains to special purpose depository institutions organized as corporations under the Wyoming Business Corporation Act. These institutions have the authority to make contracts, sue and be sued, buy and sell gold and silver coins and bullion, carry on a nonlending banking business for depositors, provide payment services, apply to become a member bank of the federal reserve system, engage in incidental activities with prior approval, exercise powers authorized by law, and maintain their headquarters in Wyoming. However, they are prohibited from making loans, except for the purchase of specified debt obligations. They may conduct business with depositors outside Wyoming and open branches in other states, but can only accept deposits or provide services to depositors engaged in lawful activities under Wyoming and federal law.
Whom does it apply to?
Special purpose depository institutions organized as corporations under the Wyoming Business Corporation Act
What does it govern?
Special purpose depository institutions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Wyoming