Utah Code 16-4-306. Determining the highest bidder — Transfer to highest bidder
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Terms Used In Utah Code 16-4-306
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Share: means a share as defined in:
(4)(a) Section 16-6a-102 for a nonprofit corporation; and(4)(b) Section 16-10a-102 for a profit corporation. See Utah Code 16-4-102(1)(a) The person offering at a sale to pay the highest amount for the smallest number or fraction of shares, which may not be less than the delinquent assessment and all other amounts payable, is the highest bidder.(1)(b) Whether the bid is for the smallest number or fraction of shares is determined by the articles of incorporation.(2) The shares purchased shall be transferred to the highest bidder on the share books of the corporation upon payment of the bid amount. - Share: means a share as defined in: