Utah Code 16-4-201. Assessments
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(1) The shares of a nonprofit corporation are subject to assessment for any corporate purpose, except to the extent proscribed by the articles of incorporation.
Terms Used In Utah Code 16-4-201
- 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.
- Corporation: means a nonprofit corporation or a profit corporation. See Utah Code 16-4-102
(2) The shares of a profit corporation are subject to assessment if:
(2)(a) those shares were subject to assessment before May 1, 2007; and
(2)(b) the assessment is not proscribed by the corporation’s articles of incorporation.