Utah Code 63N-3-102. Definitions
Current as of: 2024 | Check for updates
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As used in this part:
(1) “Administrator” means the executive director or the executive director’s designee.
Terms Used In Utah Code 63N-3-102
- 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.
- Executive director: means the executive director of the office. See Utah Code 63N-1a-102
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Restricted Account: means the restricted account known as the Industrial Assistance Account created in Section
63N-3-103 . See Utah Code 63N-3-102 - 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
(2) “Applicant” means an individual, for profit business entity, nonprofit, corporation, partnership, unincorporated association, government entity, executive branch department or division of a department, a political subdivision, a state institution of higher education, or any other administrative unit of the state.
(3) “Economic opportunities” means business situations or community circumstances which lend themselves to the furtherance of the economic interests of the state by providing a catalyst or stimulus to the growth or retention, or both, of commerce and industry in the state, including retention of companies whose relocation outside the state would have a significant detrimental economic impact on the state as a whole, regions of the state, or specific components of the state.
(4) “Restricted Account” means the restricted account known as the Industrial Assistance Account created in Section 63N-3-103 .
(5) “Talent development grant” means a grant awarded under Section 63N-3-112 .