Utah Code 17D-2-201. Creating a local building authority — Articles of incorporation and bylaws — Changing a local building authority
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(1) The governing body of a local entity may create a local building authority by following the procedures in Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act, for the incorporation of a nonprofit corporation.
Terms Used In Utah Code 17D-2-201
- 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.
- Creating local entity: means the local entity that creates or created the local building authority. See Utah Code 17D-2-102
- Governing body: means :(4)(a) for a county, city, or town, the legislative body of the county, city, or town;(4)(b) for a school district, the local school board for the school district;(4)(c) for a special district, the special district's board of trustees; and(4)(d) for a special service district, the special service district's governing body, as defined in Section 17D-1-102. See Utah Code 17D-2-102
- Local entity: means a county, city, town, school district, special district, or special service district. See Utah Code 17D-2-102
(2) The creating local entity‘s governing body shall approve:(2)(a) the local building authority’s articles of incorporation before they are filed with the Division of Corporations and Commercial Code; and(2)(b) the local building authority’s bylaws.(3) The creating local entity’s governing body may, in its sole discretion and at any time, change the local building authority’s structure, organization, programs, or activities, subject to:(3)(a) this chapter; and(3)(b) the rights of:(3)(b)(i) holders of the local building authority’s bonds; and(3)(b)(ii) parties to other obligations of the local building authority.