Terms Used In Utah Code > Title 48 > Chapter 4 - Benefit Limited Liability Company Act

• Abatement action: means action taken to limit, reduce, mitigate, or eliminate:
       (1)(a) a release from a petroleum storage tank; or
       (1)(b) the damage caused by that release. See Utah Code 19-6-402
• Aboveground petroleum storage tank: means a storage tank that is, by volume, less than 10% buried in the ground, including the pipes connected to the storage tank and:
       (2)(a)

            (2)(a)(i) has attached underground piping; or

            (2)(a)(ii) rests directly on the ground;
       (2)(b) contains regulated substances;
       (2)(c) has the capacity to hold 501 gallons or more; and
       (2)(d) is not:

            (2)(d)(i) used in agricultural operations, as defined by the board by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act;

            (2)(d)(ii) used for heating oil for consumptive use on the premises where stored;

            (2)(d)(iii) related to a petroleum facility under SIC Code 2911 or 5171 of the 1987 Standard Industrial Classification Manual of the federal Executive Office of the President, Office of Management and Budget;

            (2)(d)(iv) directly related to oil or gas production and gathering operations; or

            (2)(d)(v) used in the fueling of aircraft or ground service equipment at a commercial airport that serves passengers or cargo, with commercial airport defined in Section 72-10-102. See Utah Code 19-6-402
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Benefit company: means a limited liability company:
       (1)(a) that elects to become subject to this chapter; and
       (1)(b) the status of which as a benefit company has not been terminated. See Utah Code 48-4-103
• Benefit enforcement proceeding: means a proceeding in a court of competent jurisdiction for:
       (2)(a) failure of a benefit company to pursue or create general public benefit or a specific public benefit described in the benefit company's certificate of organization; or
       (2)(b) a violation of an obligation, duty, or standard of conduct under this chapter. See Utah Code 48-4-103
• Board: means the Waste Management and Radiation Control Board created in Section 19-1-106. See Utah Code 19-6-402
• Bodily injury: means bodily harm, sickness, disease, or death sustained by a person. See Utah Code 19-6-402
• Certificate of compliance: means a certificate issued to a facility by the director:
       (5)(a) demonstrating that an owner or operator of a facility containing one or more petroleum storage tanks has met the requirements of this part; and
       (5)(b) listing petroleum storage tanks at the facility, specifying:

            (5)(b)(i) which tanks may receive petroleum; and

            (5)(b)(ii) which tanks have not met the requirements for compliance. See Utah Code 19-6-402
• Certificate of registration: means a certificate issued to a facility by the director demonstrating that an owner or operator of a facility containing one or more petroleum storage tanks has:
       (6)(a) registered the tanks; and
       (6)(b) paid the annual tank fee. See Utah Code 19-6-402
• Certified petroleum storage tank consultant: means a person who:
            (7)(a)(i) for a fee, or in connection with services for which a fee is charged, provides or contracts to provide information, opinions, or advice relating to underground storage tank release:

                 (7)(a)(i)(A) management;

                 (7)(a)(i)(B) abatement;

                 (7)(a)(i)(C) investigation;

                 (7)(a)(i)(D) corrective action; or

                 (7)(a)(i)(E) evaluation;
            (7)(a)(ii) has submitted an application to the director;
            (7)(a)(iii) received a written statement of certification from the director; and
            (7)(a)(iv) meets the education and experience standards established by the board under Subsection 19-6-403(1)(a)(vii). See Utah Code 19-6-402
• Closed: means a petroleum storage tank that is no longer in use that has been:
       (8)(a) emptied and cleaned to remove the liquids and accumulated sludges; and
       (8)(b)

            (8)(b)(i) removed along with all underground components; or

            (8)(b)(ii) filled with an inert solid material, and in the case of piping, secured and capped. See Utah Code 19-6-402
• Corrective action plan: means a plan for correcting a release from a petroleum storage tank that includes provisions for any of the following:
       (9)(a) cleanup or removal of the release;
       (9)(b) containment or isolation of the release;
       (9)(c) treatment of the release;
       (9)(d) correction of the cause of the release;
       (9)(e) monitoring and maintenance of the site of the release;
       (9)(f) provision of alternative water supplies to a person whose drinking water has become contaminated by the release; or
       (9)(g) temporary or permanent relocation, whichever is determined by the director to be more cost-effective, of a person whose dwelling has been determined by the director to be no longer habitable due to the release. See Utah Code 19-6-402
• Costs: means money expended for:
       (10)(a) investigation;
       (10)(b) abatement action;
       (10)(c) corrective action;
       (10)(d) judgments, awards, and settlements for bodily injury or property damage to third parties;
       (10)(e) legal and claims adjusting costs incurred by the state in connection with judgments, awards, or settlements for bodily injury or property damage to third parties; or
       (10)(f) costs incurred by the state risk manager in determining the actuarial soundness of the fund. See Utah Code 19-6-402
• Covered by the fund: means the requirements of Section 19-6-424 have been met. See Utah Code 19-6-402
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the Department of Environmental Quality. See Utah Code 19-1-103
• Director: means the director of the Division of Environmental Response and Remediation. See Utah Code 19-6-402
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Division: means the Division of Environmental Response and Remediation, created in Subsection 19-1-105(1)(c). See Utah Code 19-6-402
• Facility: means the petroleum storage tanks located on a single parcel of property or on any property adjacent or contiguous to that parcel. See Utah Code 19-6-402
• 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.
• Fund: means the Petroleum Storage Tank Fund created in Section 19-6-409. See Utah Code 19-6-402
• General public benefit: means a material positive impact on society and the environment:
       (3)(a) taken as a whole;
       (3)(b) assessed against a third-party standard; and
       (3)(c) from the business of a benefit company. See Utah Code 48-4-103
• Immediate family member: means a parent, spouse, surviving spouse, child, or sibling. See Utah Code 48-4-103
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Minimum status vote: means :
       (6)(a) in the case of a limited liability company, in addition to any other required approval or vote, the satisfaction of the following conditions:

            (6)(a)(i) the members of every class or series may vote as a separate voting group on an action of the limited liability company regardless of a limitation state in the certificate of organization or operating agreement on the voting rights of any class or series; and

            (6)(a)(ii) the action of the limited liability company is required to be approved by vote of the members of each class or series entitled to cast at least two-thirds of the votes that all members of the class or series are entitled to cast on the action; or
       (6)(b) in the case of a domestic entity other than a limited liability company, in addition to any other required approval, vote, or consent, the satisfaction of the following conditions:

            (6)(b)(i) the holders of every class or series of interest in the entity that are entitled to receive a distribution of any kind from the entity may vote on or consent to the action regardless of any otherwise applicable limitation on voting or consent rights of the class or series; and

            (6)(b)(ii) the action of the limited liability company is required to be approved by vote or consent of the holders described in Subsection (6)(b)(i) entitled to cast at least two-thirds of the votes or consents that all of those holders are entitled to cast on the action. See Utah Code 48-4-103
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Operator: means a person in control of or who is responsible on a daily basis for the maintenance of a petroleum storage tank that is in use for the storage, use, or dispensing of a regulated substance. See Utah Code 19-6-402
• Owner: means :
       (19)(a) in the case of an underground storage tank in use on or after November 8, 1984, a person who owns an underground storage tank used for the storage, use, or dispensing of a regulated substance;
       (19)(b) in the case of an underground storage tank in use before November 8, 1984, but not in use on or after November 8, 1984, a person who owned the tank immediately before the discontinuance of its use for the storage, use, or dispensing of a regulated substance; and
       (19)(c) in the case of an aboveground petroleum storage tank, a person who owns the aboveground petroleum storage tank. See Utah Code 19-6-402
• Owns: includes ownership as the owner of record or as a beneficial owner. See Utah Code 48-4-103
• Person: means an individual, trust, firm, estate, company, corporation, partnership, association, state, state or federal agency or entity, municipality, commission, or political subdivision of a state. See Utah Code 19-1-103
• 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
• Petroleum: includes crude oil or a fraction of crude oil that is liquid at:
       (20)(a) 60 degrees Fahrenheit; and
       (20)(b) a pressure of 14. See Utah Code 19-6-402
• Petroleum storage tank: means a tank that:
       (21)(a) is an underground storage tank;
       (21)(b) is an aboveground petroleum storage tank; or
       (21)(c) is a tank containing regulated substances that is voluntarily submitted for participation in the Petroleum Storage Tank Fund under Section 19-6-415. See Utah Code 19-6-402
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Program: means the Environmental Assurance Program under Section Utah Code 19-6-402
• Property damage: means physical injury to, destruction of, or loss of use of tangible property. See Utah Code 19-6-402
• Release: means spilling, leaking, emitting, discharging, escaping, leaching, or disposing a regulated substance from a petroleum storage tank into ground water, surface water, or subsurface soils. See Utah Code 19-6-402
• Responsible party: is a s defined in Subsections (27)(a)(i), (ii), and (iii) does not include:
            (27)(b)(i) a person who is not an operator and, without participating in the management of a facility and otherwise not engaged in petroleum production, refining, and marketing, holds indicia of ownership:

                 (27)(b)(i)(A) primarily to protect the person's security interest in the facility; or

                 (27)(b)(i)(B) as a fiduciary or custodian under Title 75, Utah Uniform Probate Code, or under an employee benefit plan; or
            (27)(b)(ii) governmental ownership or control of property by involuntary transfers as provided in CERCLA Section 101(20)(D), Utah Code 19-6-402
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Specific public benefit: includes :
       (8)(a) providing low-income or underserved individuals or communities with beneficial products or services;
       (8)(b) promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;
       (8)(c) protecting or restoring the environment;
       (8)(d) improving human health;
       (8)(e) promoting the arts, sciences, or advancement of knowledge;
       (8)(f) increasing the flow of capital to entities with a purpose to benefit society or the environment; and
       (8)(g) conferring any other particular benefit on society or the environment. See Utah Code 48-4-103
• 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
• Statute: A law passed by a legislature.
• Subsidiary: means , in relation to a person, an entity in which the person owns beneficially or of record, 50% or more of the outstanding equity interests, calculated as if all outstanding rights to acquire equity interests in the entity have been exercised. See Utah Code 48-4-103
• Third-party standard: means a standard for defining, reporting, and assessing overall social and environmental performance that:
       (10)(a) assesses the effect of a business and a business's operations on the interests described in Subsections 48-4-301(1)(a)(ii) through (v);
       (10)(b) is developed by an entity:

            (10)(b)(i) that is independent of the benefit company;

            (10)(b)(ii) whose governing body is comprised of no more than one-third of members who are representatives of any of the following:

                 (10)(b)(ii)(A) an association of businesses that operate in a specific industry whose members are measured by the standard;

                 (10)(b)(ii)(B) businesses from a specific industry or an association of businesses in that industry; or

                 (10)(b)(ii)(C) businesses whose performance is assessed against the standard;

            (10)(b)(iii) that is not materially financed by an association or business described in Subsection (10)(b)(ii);

            (10)(b)(iv) that has access to necessary expertise to assess overall social and environmental performance;

            (10)(b)(v) uses a balanced multistakeholder approach to develop the standard, including a public comment period of at least 30 days; and

            (10)(b)(vi) makes the following information publically available:

                 (10)(b)(vi)(A) the criteria considered when measuring the overall social and environmental performance of a business;

                 (10)(b)(vi)(B) the relative weightings, if any, of the criteria described in Subsection (10)(b)(vi)(A);

                 (10)(b)(vi)(C) the identity of each director, officer, material owner, and governing body of the entity that developed and controls revisions to the standard;

                 (10)(b)(vi)(D) the process by which revisions to the standard and changes to the membership of the governing body are made; and

                 (10)(b)(vi)(E) 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 48-4-103
• Underground storage tank: means a tank regulated under Subtitle I, Resource Conservation and Recovery Act, Utah Code 19-6-402