63H-8-205. Disclosure of interest.
| (1) |
A trustee, officer, or employee of the corporation who has, will have, or later acquires an interest, direct or indirect, in a transaction with the corporation shall immediately disclose the nature and extent of that interest in writing to the corporation as soon as the trustee, officer, or employee has knowledge of the actual or prospective interest. |
Terms Used In Utah Code 63H-8-205
- 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.
- Corporation: means the Utah Housing Corporation created by Section 63H-8-201, which, prior to July 1, 2001, was named the Utah Housing Finance Agency. See Utah Code 63H-8-103
- Trustee: A person or institution holding and administering property in trust.
- Writing: includes :Utah Code 68-3-12.5
| (2) |
| (a) |
This disclosure shall be entered upon the minutes of the corporation. |
| (b) |
Upon the disclosure, that trustee, officer, or employee may participate in any action by the corporation authorizing the transaction. |
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Renumbered and Amended by Chapter 226, 2015 General Session
