(1)  Unless the bylaws otherwise provide, a nonprofit corporation may, as authorized by the board of directors:

non profit

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Terms Used In Utah Code 16-6a-1201

  • board of directors: means the body authorized to manage the affairs of a domestic or foreign nonprofit corporation. See Utah Code 16-6a-102
  • Bylaws: includes :
(i) amended bylaws; and
(ii) restated bylaws. See Utah Code 16-6a-102
  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
    • (a)  sell, lease, exchange, or otherwise dispose of all or substantially all of its property in the usual and regular course of business; or

    (b)  mortgage, pledge, dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber all or substantially all of its property whether or not in the usual and regular course of business.

    (2)  Unless otherwise provided in the bylaws, approval of a transaction described in this section by the members is not required.

    Enacted by Chapter 300, 2000 General Session

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