Utah Code 16-4-204. Order levying assessment — Contents
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(1) An assessment may be levied by order of the board of directors.
Terms Used In Utah Code 16-4-204
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Share: means a share as defined in:(4)(a) Section 16-6a-102 for a nonprofit corporation; and(4)(b) Section 16-10a-102 for a profit corporation. See Utah Code 16-4-102
- 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) An order levying an assessment shall:(2)(a) specify the amount of the levy on each share;(2)(b) specify when, to whom, and where the assessment is payable; and(2)(c) identify the day on which an unpaid assessment becomes delinquent.(3) The date on which an unpaid assessment is considered delinquent shall be at least 30 days after notice of assessment is given as provided in Section 16-4-206.(4) If assessments are not levied on an equal basis for all shares, the order shall state the equitable basis for the differing assessments.