Utah Code 63E-2-109. State statutes
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(1) Except as specifically modified in its authorizing statute, each independent corporation shall be exempt from the statutes governing state agencies, including:
Terms Used In Utah Code 63E-2-109
- 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
- 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.
(2) Except as specifically modified in its authorizing statute, each independent corporation shall be subject to:
(2)(b) Section 67-3-12; and
(3) Each independent corporation board may adopt its own policies and procedures governing its:
(3)(a) funds management;
(3)(b) audits; and
(3)(c) personnel.