16-10b-102.  Application and effect of chapter.

(1)  This chapter applies to a benefit corporation organized under this chapter.

Terms Used In Utah Code 16-10b-102

  • Benefit corporation: means a business corporation:
(a) that elects to become subject to this chapter; and
(b) the status of which as a benefit corporation has not been terminated. See Utah Code 16-10b-103
  • Business corporation: means a corporation formed under Chapter 10a, Utah Revised Business Corporation Act, or Chapter 11, Professional Corporation Act. See Utah Code 16-10b-103
  • 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.
  • Statute: A law passed by a legislature.
    • (2)  The existence of a provision of this chapter does not of itself create an implication that a contrary or different rule of law is applicable to a business corporation that is not a benefit corporation. This chapter does not affect a statute or rule of law that is applicable to a business corporation that is not a benefit corporation.

    (3) 

    (a)  Except as otherwise provided in this chapter, Chapter 10a, Utah Revised Business Corporation Act, is applicable to a benefit corporation.

    (b)  A benefit corporation may be subject simultaneously to this chapter and other chapters of this title, including Chapter 11, Professional Corporation Act.

    (c)  This chapter controls over Chapter 10a, Utah Revised Business Corporation Act, and Chapter 11, Professional Corporation Act, or other laws.

    (4)  The articles of incorporation or bylaws of a benefit corporation may not limit, be inconsistent with, or supersede a provision of this chapter.

    Enacted by Chapter 394, 2014 General Session

      Previous section
    Next section  
     Part 1 Contents