(1) There is created the Utah Innovation Lab.
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Terms Used In Utah Code 63N-21-201

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • Innovation lab: means the Utah Innovation Lab created in Section 63N-21-201. See Utah Code 63N-21-101
  • 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
  • Utah innovation fund: means a limited liability company organized under Section 63N-21-301. See Utah Code 63N-21-101
(2) The innovation lab is:

     (2)(a) an independent, nonprofit, quasi-public corporation as defined in Section 63E-1-102; and
     (2)(b) subject to and governed by Sections 63E-2-106, 63E-2-107, 63E-2-108, 63E-2-109, 63E-2-110, and 63E-2-111, but is not otherwise subject to or governed by Title 63E, Independent Entities Code.
(3) The innovation lab shall organize and administer the Utah innovation fund.
(4) The innovation lab may:

     (4)(a) engage consultants and legal counsel;
     (4)(b) invest and expend funds;
     (4)(c) enter into contracts;
     (4)(d) insure against loss;
     (4)(e) receive private donations to be used by the Utah innovation fund for qualified investments;
     (4)(f) hire employees;
     (4)(g) charge a fee on assets under management in the Utah innovation fund to pay for reasonable and necessary costs of the innovation lab, including the costs of the annual audit required under Section 63N-21-402; and
     (4)(h) perform any other act necessary to carry out the purposes of the innovation lab.
(5) The innovation lab may not:

     (5)(a) issue debt or borrow funds;
     (5)(b) exercise governmental functions;
     (5)(c) have members; or
     (5)(d) pledge the credit or taxing power of the state or any political subdivision of the state.
(6) The innovation lab shall be liquidated and dissolved upon the dissolution of the Utah innovation fund.

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