Terms Used In Utah Code > Title 63N > Chapter 21 > Part 2 - Utah Innovation Lab

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the board of directors of the innovation lab, as described in Section 63N-21-202. See Utah Code 63N-21-101
• 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.
• 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
• Quorum: The number of legislators that must be present to do business.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• 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
• Utah innovation fund: means a limited liability company organized under Section 63N-21-301. See Utah Code 63N-21-101