Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
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.
Independent entity: means an entity having a public purpose relating to the state or its citizens that is individually created by the state or is given by the state the right to exist and conduct its affairs as an:
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.
Trustee: A person or institution holding and administering property in trust.
(a)
cash, except reasonable compensation or salary for services rendered;
(b)
stock or other investments;
(c)
goodwill;
(d)
real property;
(e)
an ownership interest;
(f)
a license;
(g)
a cause of action; and
(h)
any similar property.
(2)
“Business interest” means:
(a)
holding the position of trustee, director, officer, or other similar position with a business entity; or
(b)
the ownership, either legally or equitably, of at least 10% of the outstanding shares of a corporation or 10% interest in any other business entity, being held by:
(i)
an individual;
(ii)
the individual’s spouse;
(iii)
a minor child of the individual; or
(iv)
any combination of Subsections (2)(b)(i) through (iii).
(3)
“Interested party” means a person that held or holds the position of trustee, director, officer, or other similar position with an independent entity within:
(a)
five years prior to the date of an action described in Subsection (5); or
(b)
during the privatization of an independent entity.
(4)
“Lobbyist” is a person that provided or provides services as a lobbyist, as defined in Section 36-11-102, within:
(a)
five years prior to the date of an action described in Subsection (5); or
(b)
during the privatization of an independent entity.
(5)
(a)
“Privatized” means an action described in Subsection (5)(b) taken under circumstances in which the operations of the independent entity are continued by a successor entity that:
(i)
is privately owned;
(ii)
is unaffiliated to the state; and
(iii)
receives any asset of the independent entity.
(b)
An action referred to in Subsection (5)(a) includes:
(i)
the repeal of the authorizing statute of an independent entity and the revision to state laws to terminate the relationship between the state and the independent entity;
(ii)
the dissolution of the independent entity;
(iii)
the merger or consolidation of the independent entity with another entity; or
(iv)
the sale of all or substantially all of the assets of the independent entity.
