Utah Code 79-4-703. Terms of agreement
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Any agreement made pursuant to Section
(1) The foundation shall transfer to the state:
Terms Used In Utah Code 79-4-703
- Board of trustees: means the board of trustees of This is the Place Foundation. See Utah Code 79-4-701
- Contract: A legal written agreement that becomes binding when signed.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Foundation: means This is the Place Foundation, a private nonprofit corporation formed pursuant to
Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act . See Utah Code 79-4-701 - Member: means a member of the board of trustees. See Utah Code 79-4-701
- Monument: means This is the Place Monument at This is the Place State Park. See Utah Code 79-4-701
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Quorum: The number of legislators that must be present to do business.
- 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
(1)(a) title to any real property acquired by the foundation, upon completion of payment, if any, for the property by the foundation; and(1)(b) ownership of any artifacts or collections acquired by the foundation.
(2) No fee may be charged to visit the monument.
(3)
(3)(a) Except as provided in Subsections (3)(b) and (3)(c) , a member may not receive compensation or financial benefit, directly or indirectly, as a result of the member’s service on the board of trustees.
(3)(b) A member may receive per diem and expenses incurred in the performance of the member’s duties at the rates established by the board of trustees.
(3)(c) A member may deal or contract with the foundation, provided that:
(3)(c)(i) no person or entity is paid any fee, salary, rent, or other payment of any kind in excess of the fair market value for the service rendered, goods furnished, or facilities or equipment rented; and
(3)(c)(ii) at a meeting of the board of trustees or subcommittee of the board of trustees having authority to authorize or confirm the contract or transaction:
(3)(c)(ii)(A) a quorum of the board of trustees or subcommittee is present;
(3)(c)(ii)(B) the interest of the member is disclosed;
(3)(c)(ii)(C) a majority of the quorum votes to approve the contract or transaction; and
(3)(c)(ii)(D) in determining a majority under Subsection (3)(c)(ii)(C) , the vote of any member having an interest in the contract or transaction is not counted.
(4) The foundation shall obtain an annual audit prepared:
(4)(a) by an independent public accounting firm; and
(4)(b) in accordance with generally accepted accounting standards.