Utah Code 63E-2-105. Boards

(1) As used in this section, “director” includes a trustee or other board member.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

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.
Fiduciary: A trustee, executor, or administrator.
Independent corporation: means a corporation incorporated in accordance with Chapter 2, Independent Corporations Act. See Utah Code 63E-1-102
Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
Quorum: The number of legislators that must be present to do business.
Statute: A law passed by a legislature.
Trustee: A person or institution holding and administering property in trust.

(2) Each independent corporation shall be governed by a board of directors.

(3) The authorizing statute of each independent corporation shall specify:

(3)(a) the process for appointing, removing, and replacing directors;

(3)(b) the number and terms of office for directors;

(3)(c) the board chair selection procedure;

(3)(d) board quorum requirements;

(3)(e) director qualifications; and

(3)(f) the duties and fiduciary responsibilities of directors.