Terms Used In Utah Code > Title 22 > Chapter 6 - Retirement Trusts

• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Director: means a member of the board of directors. See Utah Code 16-6a-102
• Distribution: means the payment of a dividend or any part of the income or profit of a nonprofit corporation to the nonprofit corporation's:
            (19)(a)(i) members;
            (19)(a)(ii) directors; or
            (19)(a)(iii) officers. See Utah Code 16-6a-102
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Member: includes :
            (34)(b)(i) "voting member"; and
            (34)(b)(ii) a shareholder in a water company. See Utah Code 16-6a-102
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Receive: when used in reference to receipt of a writing or other document by a domestic or foreign nonprofit corporation, means the writing or other document is actually received:
       (43)(a) by the domestic or foreign nonprofit corporation at:

            (43)(a)(i) its registered office in this state; or

            (43)(a)(ii) its principal office;
       (43)(b) by the secretary of the domestic or foreign nonprofit corporation, wherever the secretary is found; or
       (43)(c) by another person authorized by the bylaws or the board of directors to receive the writing or other document, wherever that person is found. See Utah Code 16-6a-102
• Trustee: A person or institution holding and administering property in trust.