Utah Code 63E-2-103. Public purpose — Legislative findings
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(1) Each independent corporation shall have a specific public purpose related to the state or its citizens stated in its authorizing statute.
Terms Used In Utah Code 63E-2-103
- Authorizing statute: means the statute creating an entity as an independent entity. See Utah Code 63E-1-102
- 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.
- Independent corporation: means a corporation incorporated in accordance with Chapter 2, Independent Corporations Act. See Utah Code 63E-1-102
- Money held in trust: means money maintained for the benefit of:(6)(a) one or more private individuals, including public employees;(6)(b) one or more public or private entities; or(6)(c) the owners of a quasi-public corporation. See Utah Code 63E-1-102
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
(2) Prior to enacting its authorizing statute, the Legislature shall make a finding that the independent corporation needs to be created by the state or be given by the state the right to exist and conduct its affairs as an independent corporation to serve its public purpose.(3) Prior to enacting an authorizing statute, the Legislature shall also make a finding that:(3)(a) if the independent corporation receives ongoing state funding for operations, it:(3)(a)(i) performs a public purpose that is not performed by private entities; or(3)(a)(ii) acts as a trustee over money held in trust;(3)(b) if the independent corporation does not receive ongoing state funding for operations, it requires:(3)(b)(i) exemption from federal or state income tax to meet its public purpose; or(3)(b)(ii) the interest on its indebtedness to be exempt from federal or state income tax to meet its public purpose; or(3)(c) the independent corporation is created by the Utah Constitution.