Terms Used In Utah Code > Title 48 > Chapter 5 > Part 4 - Miscellaneous Provisions

• Administrator: means a person that is appointed in a manner specified in the by-laws to make decisions for specific, predefined operations of the decentralized autonomous organization. See Utah Code 48-5-101
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• By-laws: means the procedural rules and regulations that govern a decentralized autonomous organization and the interaction of the decentralized autonomous organization's members and participants. See Utah Code 48-5-101
• 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.
• Decentralized: means that decision-making is distributed among multiple persons. See Utah Code 48-5-101
• Decentralized autonomous organization: means an organization:
       (6)(a) created by one or more smart contracts;
       (6)(b) that implements rules enabling individuals to coordinate for decentralized governance of an organization; and
       (6)(c) that is an entity formed under this chapter. See Utah Code 48-5-101
• Failure event: means an error in the decentralized autonomous organization's software code or an exploit that:
       (10)(a) renders the decentralized autonomous organization inoperative; or
       (10)(b) fundamentally changes the expected operation of the decentralized autonomous organization. See Utah Code 48-5-101
• Graphical user interface: means a publicly accessible interface through which a person interacts with computer software through visual indicator representations. See Utah Code 48-5-101
• Hard fork: means a blockchain software upgrade that is not compatible with previous versions of the blockchain software and requires all users to upgrade to the latest version of the blockchain software. See Utah Code 48-5-101
• Majority chain: means the version of the blockchain accepted by more than half of the blockchain's validators following a hard fork. See Utah Code 48-5-101
• Meeting: means a synchronous or asynchronous event for the purpose of discussing and acting upon decentralized autonomous organization related matters by members or participants. See Utah Code 48-5-101
• Member: means a person who has governance rights in a decentralized autonomous organization. See Utah Code 48-5-101
• Minority chain: means the version of the chain that is not the majority chain following a hard fork. See Utah Code 48-5-101
• Off-chain: means any action that is not on-chain. See Utah Code 48-5-101
• On-chain: means any action that is recorded and verified on a blockchain. See Utah Code 48-5-101
• Participant: means a person that:
       (22)(a) is not a member of a decentralized autonomous organization; and
       (22)(b) holds or interacts with a token of a decentralized autonomous organization. See Utah Code 48-5-101
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Permissionless blockchain: means a publicly distributed ledger that allows a person to transact and produce blocks in accordance with the blockchain protocol, in which the validity of the block is independent of the identity of the user. See Utah Code 48-5-101
• 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
• Public address: means a unique, durable identifier that an individual can transact with on a permissionless blockchain. See Utah Code 48-5-101
• Public signal: means a declaration authorized by the decentralized autonomous organization in a public forum. See Utah Code 48-5-101
• Quorum: The number of legislators that must be present to do business.