Utah Code 76-10-709. Presumption of director’s knowledge of affairs
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Terms Used In Utah Code 76-10-709
- Act: means a voluntary bodily movement and includes speech. See Utah Code 76-1-101.5
- 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.
- Director: means any of the persons having by law the direction or management of the affairs of a corporation, by whatever name the persons are described in its charter or known by law. See Utah Code 76-10-701
- Omission: means a failure to act when there is a legal duty to act and the actor is capable of acting. See Utah Code 76-1-101.5
- Possess: means to have physical possession of or to exercise dominion or control over tangible property. See Utah Code 76-1-101.5
Every director of a corporation or joint stock association is deemed to possess a knowledge of the affairs of his corporation as to enable him to determine whether any act, proceeding, or omission of its directors is a violation of this part.