(1) Except as specifically modified in its authorizing statute, each independent corporation shall be exempt from the statutes governing state agencies, including:

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Terms Used In Utah Code 63E-2-109

  • 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
  • State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
  • Statute: A law passed by a legislature.
(2) Except as specifically modified in its authorizing statute, each independent corporation shall be subject to:

     (2)(b) Section 67-3-12; and
(3) Each independent corporation board may adopt its own policies and procedures governing its:

     (3)(a) funds management;
     (3)(b) audits; and
     (3)(c) personnel.