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.

This legal document sets forth the requirements for depositors and the nature of business for special purpose depository institutions. Depositors must meet certain criteria, including being a legal entity other than a natural person, being in good standing with the jurisdiction of incorporation or organization, maintaining deposits of at least $5,000 with the institution, and being engaged in a lawful, bona fide business. Depositors must also provide sufficient evidence to comply with anti-money laundering, customer identification, and beneficial ownership requirements.

A special purpose depository institution shall comply with all applicable federal laws, including those relating to anti-money laundering, customer identification and beneficial ownership.

No bank shall loan any of its funds to executive officers, directors or to any person owning or controlling ten percent (10%) or more of the bank’s or its bank holding company’s voting ownership interests, or to any person in which any of the executive officers, directors or owners or controllers are interested except upon the written application of the person and then only with the prior approval of a majority of the board of directors.

The amount of any check certified shall immediately be charged to the drawer’s account and credited to a certified check account from which the check is payable.

Any bank may refuse to pay any check, draft or order upon it if the officers or owners of the bank have reason to believe that the person signing or endorsing the instrument is or was so under the influence of alcohol or drugs as to make it doubtful whether the person is or was capable of transacting business at the time of signing or endorsing the instrument. No cause of action accrues against the bank by reason of the refusal of a bank or officer to pay an instrument under this section.

This legal document governs the medium and time of settlement by a bank. It applies to banks involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearing-house rules, or agreements. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve Bank or specified by the person to receive settlement.

This legal document governs the final payment of items by payor banks, the process by which provisional debits and credits become final, and the availability of credits for withdrawal. It applies to payor banks, presenting banks, successive prior collecting banks, collecting banks, and customers. An item is considered finally paid by a payor bank when it is paid in cash, settled without the right to revoke the settlement, or provisionally settled and not revoked within the permitted time.

This legal document governs the actions and responsibilities of payor banks in relation to the settlement, recovery, and dishonor of demand items. If a payor bank settles for a demand item other than a documentary draft presented before midnight of the banking day of receipt, it has the option to revoke the settlement and recover the settlement amount. This can be done by returning the item or sending written notice of dishonor or nonpayment if the item is unavailable for return.

This provision, found in the Wyoming Statutes under the Uniform Commercial Code, specifically in the section on Bank Deposits and Collections, pertains to the collection of items by payor banks. It states that any knowledge, notice, stop-payment order, or legal process received by the payor bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account if the bank has already accepted or certified the item, paid it in cash, settled for the item without the right to revoke the settlement, become accountable for the amount of the item, or if a cutoff hour has passed.