Utah Code 16-4-205. Notice of assessment — Form and contents

When the board of directors levies an assessment, the secretary shall prepare a notice of assessment, including:

(1)	the name of the corporation;

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 a nonprofit corporation or a profit corporation. See Utah Code 16-4-102
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:

(a)	Section 16-6a-102 for a nonprofit corporation; and

(b)	Section 16-10a-102 for a profit corporation. See Utah Code 16-4-102
(2)	the location of the corporation‘s principal place of business;

(3)	the date of the meeting at which the board of directors adopted the order levying the assessment;

(4)	a description of the class or classes of shares assessed, and the amount of assessment per share;

(5)	the time, place, and manner of payment;

(6)	the day on which payment is considered delinquent;

(7)	if assessments are not levied on an equal basis, a statement that the equitable basis for the assessments is set forth in the order; and

(8)	a general statement that the board of directors may elect various remedies to enforce payment, including the auctioning of shares.

Enacted by Chapter 367, 2007 General Session