Terms Used In Utah Code > Title 16 > Chapter 10b > Part 4 - Transparency

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Annual benefit report: means a report required under Section 16-10b-401. See Utah Code 16-10b-103
• Benefit corporation: means a business corporation:
       (2)(a) that elects to become subject to this chapter; and
       (2)(b) the status of which as a benefit corporation has not been terminated. See Utah Code 16-10b-103
• Benefit director: means the director designated as the benefit director of a benefit corporation under Section 16-10b-302. See Utah Code 16-10b-103
• Benefit officer: means the individual designated as the benefit officer of a benefit corporation under Section 16-10b-304. See Utah Code 16-10b-103
• 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.
• Division: means the Division of Corporations and Commercial Code. See Utah Code 16-10b-103
• Domestic violence: means the same as that term is defined in Section 77-36-1. See Utah Code 30-3-10.1
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• General public benefit: means a material positive impact on society and the environment:
       (9)(a) taken as a whole;
       (9)(b) assessed against a third-party standard; and
       (9)(c) from the business of a benefit corporation. See Utah Code 16-10b-103
• 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
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Specific public benefit: includes :
       (14)(a) providing low-income or underserved individuals or communities with beneficial products or services;
       (14)(b) promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;
       (14)(c) protecting or restoring the environment;
       (14)(d) improving human health;
       (14)(e) promoting the arts, sciences, or advancement of knowledge;
       (14)(f) increasing the flow of capital to entities with a purpose to benefit society or the environment; and
       (14)(g) conferring any other particular benefit on society or the environment. See Utah Code 16-10b-103
• 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
• Third-party standard: means a recognized standard for defining, reporting, and assessing corporate social and environmental performance that:
       (16)(a) assesses the effect of the business and its operations upon the interests listed in Subsections 16-10b-301(1)(a)(ii), (iii), (iv), and (v);
       (16)(b) is developed by an entity that is not controlled by the benefit corporation;
       (16)(c) is developed by an entity that both:

            (16)(c)(i) has access to necessary expertise to assess overall corporate social and environmental performance; and

            (16)(c)(ii) uses a balanced multistakeholder approach to develop the standard, including a reasonable public comment period; or
       (16)(d) makes the following information publicly available:

            (16)(d)(i) about the standard:

                 (16)(d)(i)(A) the criteria considered when measuring the overall social and environmental performance of a business; and

                 (16)(d)(i)(B) the relative weightings, if any, of those criteria; and

            (16)(d)(ii) about the development and revision of the standard:

                 (16)(d)(ii)(A) the identity of the directors, officers, material owners, and the governing body of the entity that developed and controls revisions to the standard;

                 (16)(d)(ii)(B) the process by which revisions to the standard and changes to the membership of the governing body are made; or

                 (16)(d)(ii)(C) an accounting of the revenue and sources of financial support for the entity, with sufficient detail to disclose a relationship that could reasonably be considered to present a potential conflict of interest. See Utah Code 16-10b-103