Utah Code 63E-2-106. Powers
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Except as specifically modified in its authorizing statute, each independent corporation shall have the power to:
(1) exist as a:
Terms Used In Utah Code 63E-2-106
- Authorizing statute: means the statute creating an entity as an independent entity. See Utah Code 63E-1-102
- 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.
- Independent corporation: means a corporation incorporated in accordance with Chapter 2, Independent Corporations Act. See Utah Code 63E-1-102
- Public corporation: means an artificial person, public in ownership, individually created by the state as a body politic and corporate for the administration of a public purpose relating to the state or its citizens. See Utah Code 63E-1-102
- Quasi-public corporation: means an artificial person, private in ownership, individually created as a corporation by the state, which has accepted from the state the grant of a franchise or contract involving the performance of a public purpose relating to the state or its citizens. See Utah Code 63E-1-102
- Statute: A law passed by a legislature.
(1)(a) public corporation; or
(1)(b) quasi-public corporation;
(2) perform its stated public purpose;
(3) sue and be sued in its own name;
(4) retain and be represented by legal counsel independent of the attorney general;
(5) create foundations or subsidiaries;
(6) act in accordance with all other powers granted in its authorizing statute and by duly issued license or franchise;
(7) act in all ways as a nonprofit corporation established under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , that do not conflict with:
(7)(a) this title;
(7)(b) the authorizing statute of the independent corporation; or
(7)(c) statutes and regulations to which the independent corporation is subject.