| (1) |
The shares of a nonprofit corporation are subject to assessment for any corporate purpose, except to the extent proscribed by the articles of incorporation. |
Terms Used In Utah Code 16-4-201
- Corporation: means a nonprofit corporation or a profit corporation. See Utah Code 16-4-102
- 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.
| (2) |
The shares of a profit corporation are subject to assessment if:
| (a) |
those shares were subject to assessment before May 1, 2007; and |
| (b) |
the assessment is not proscribed by the corporation’s articles of incorporation. |
|
Enacted by Chapter 367, 2007 General Session
