Terms Used In Utah Code > Title 9 > Chapter 6 > Part 3 - Advisory Boards

• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Arts: includes traditional, folk, classical, ethnic, contemporary, and other art forms. See Utah Code 9-6-102
• Arts and museums board: means the Utah Arts and Museums Advisory Board created in Section 9-6-301. See Utah Code 9-6-102
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means a group of persons that:
            (1)(a)(i) constitute the members of a formal association organized for:

                 (1)(a)(i)(A) an identifiable interest;

                 (1)(a)(i)(B) an identifiable purpose;

                 (1)(a)(i)(C) a specific profession; or

                 (1)(a)(i)(D) a specific occupation; or
            (1)(a)(ii) are employed by a common employer. See Utah Code 7-9-3
• Branch: means a place of business of a financial institution, other than its main office, at which deposits are received and paid. See Utah Code 7-1-103
• Capital and surplus: means :
       (2)(a) shares;
       (2)(b) deposits;
       (2)(c) reserves; and
       (2)(d) undivided earnings. See Utah Code 7-9-3
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
• Contract: A legal written agreement that becomes binding when signed.
• control: means the power, directly or indirectly, or through or in concert with one or more persons, to:
       (5)(a) direct or exercise a controlling influence over:

            (5)(a)(i) the management or policies of a financial institution; or

            (5)(a)(ii) the election of a majority of the directors or trustees of an institution; or
       (5)(b) vote 25% or more of any class of voting securities of a financial institution. See Utah Code 7-1-103
• Credit reporting agency: includes any co-operative credit reporting agency maintained by an association of financial institutions or one or more associations of merchants. See Utah Code 7-14-1
• Credit union: means a cooperative, nonprofit association incorporated under:
       (6)(a) Chapter 9, Utah Credit Union Act; or
       (6)(b) Utah Code 7-1-103
• Credit union service organization: means an entity:
       (4)(a) that provides any of the services listed in Subsection 7-9-59(2); and
       (4)(b) in which a credit union organized under this chapter holds an ownership interest. See Utah Code 7-9-3
• Department: means the Department of Financial Institutions. See Utah Code 7-1-103
• Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
       (8)(a) holds or receives deposits, savings, or share accounts;
       (8)(b) issues certificates of deposit; or
       (8)(c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
• Director: means the director of the Division of Arts and Museums. See Utah Code 9-6-102
• Division: means the Division of Arts and Museums. See Utah Code 9-6-102
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Fiduciary: A trustee, executor, or administrator.
• Field of membership: means persons designated as eligible for credit union membership in accordance with:
       (6)(a) Section 7-9-51 or 7-9-53; and
       (6)(b) the bylaws of the credit union. See Utah Code 7-9-3
• Financial institution: means an institution subject to the jurisdiction of the department because of this title. See Utah Code 7-1-103
• Immediate family: means parents, spouse, surviving spouse, children, and siblings of the member. See Utah Code 7-9-3
• Institution: means :
       (19)(a) a corporation;
       (19)(b) a limited liability company;
       (19)(c) a partnership;
       (19)(d) a trust;
       (19)(e) an association;
       (19)(f) a joint venture;
       (19)(g) a pool;
       (19)(h) a syndicate;
       (19)(i) an unincorporated organization; or
       (19)(j) any form of business entity. See Utah Code 7-1-103
• 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}
• Member-business loan: means any loan, line of credit, or letter of credit, the proceeds of which will be used for:
            (8)(a)(i) a commercial purpose;
            (8)(a)(ii) other business investment property or venture purpose; or
            (8)(a)(iii) an agricultural purpose. See Utah Code 7-9-3
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Museum: means an organized and permanent institution that:
       (6)(a) is owned or controlled by the state, a county, or a municipality, or is a nonprofit organization;
       (6)(b) has an educational or aesthetic purpose;
       (6)(c) owns or curates a tangible collection; and
       (6)(d) exhibits the collection to the public on a regular schedule. See Utah Code 9-6-102
• Nonexempt credit union: means a credit union that is a nonexempt credit union under Section 7-9-55. See Utah Code 7-9-3
• Person: means :
       (27)(a) an individual;
       (27)(b) a corporation;
       (27)(c) a limited liability company;
       (27)(d) a partnership;
       (27)(e) a trust;
       (27)(f) an association;
       (27)(g) a joint venture;
       (27)(h) a pool;
       (27)(i) a syndicate;
       (27)(j) a sole proprietorship;
       (27)(k) an unincorporated organization; or
       (27)(l) any form of business entity. See Utah Code 7-1-103
• 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.
• service organization: means a corporation or other business entity owned or controlled by one or more financial institutions that is engaged or proposes to engage in business activities related to the business of financial institutions. See Utah Code 7-1-103
• State: means , unless the context demands otherwise:
       (33)(a) a state;
       (33)(b) the District of Columbia; or
       (33)(c) the territories of the United States. See Utah Code 7-1-103
• 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
• Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Trustee: A person or institution holding and administering property in trust.
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5