Terms Used In Utah Code 16-6a-1301

• 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.
• Distribution: means the payment of a dividend or any part of the income or profit of a nonprofit corporation to the nonprofit corporation's:
            (19)(a)(i) members;
            (19)(a)(ii) directors; or
            (19)(a)(iii) officers. See Utah Code 16-6a-102