Each governmental nonprofit corporation shall register and maintain the governmental nonprofit corporation‘s registration as a limited purpose entity, in accordance with Section 67-1a-15.
Terms Used In Utah Code 11-13a-105
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.
Governmental nonprofit corporation: means :
(i)
a nonprofit corporation that is wholly owned or wholly controlled by one or more governmental entities, unless the nonprofit corporation receives no operating funding or other financial support from any governmental entity; or
(ii)
a nonprofit corporation in which one or more governmental entities exercise a controlling interest and:
(A)
that exercises taxing authority;
(B)
that imposes a mandatory fee for association or participation with the nonprofit corporation where that association or participation is mandated by law; or
(C)
that receives a majority of the nonprofit corporation's operating funding from one or more governmental entities under the nonprofit corporation's governing documents, except where voluntary membership fees, dues, or assessments compose the operating funding. See Utah Code 11-13a-102
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
(2)
A governmental nonprofit corporation that fails to comply with Subsection (1) or Section 67-1a-15 is subject to enforcement by the state auditor, in accordance with Section 67-3-1.
