Utah Code 63N-21-203. Board duties and powers
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(1) The board shall:
Terms Used In Utah Code 63N-21-203
- Board: means the board of directors of the innovation lab, as described in Section 63N-21-202. See Utah Code 63N-21-101
- Innovation lab: means the Utah Innovation Lab created in Section 63N-21-201. See Utah Code 63N-21-101
- Qualified business: means a business entity that:(3)(a) is established to commercialize a technology, product, or service developed through a technology commercialization program at a public or private institution of higher education in the state; and(3)(b) maintains the business's principal business operations in the state. See Utah Code 63N-21-101
- Qualified investment: means any distribution or payment of funds to a qualified business from the Utah innovation fund, including:
(4)(a) a direct investment of capital in a qualified business for the purchase of shares of stock;(4)(b) a secured loan or revolving line of credit to a qualified business; or(4)(c) a financial grant to a qualified business. See Utah Code 63N-21-101- Utah innovation fund: means a limited liability company organized under Section 63N-21-301. See Utah Code 63N-21-101
(1)(a) manage and conduct the business and affairs of the innovation lab and determine all questions of innovation lab policy;(1)(b) consistent with this chapter, establish policies, procedures, and strategies for the administration of the Utah innovation fund, including eligibility criteria, application requirements, performance metrics, and reporting requirements for a qualified business to receive a qualified investment from the Utah innovation fund; and(1)(c) approve any decision of the Utah innovation fund to make a qualified investment.(2) The board may establish independent committees for the purpose of assisting the board in an advisory role. - Qualified investment: means any distribution or payment of funds to a qualified business from the Utah innovation fund, including: