Utah Code 31A-5-202. Incorporators

(1)	One or more adult natural persons may organize and act as incorporators of a corporation under Section 31A-5-204.

Adult: means an individual who is 18 years old or older. See Utah Code 31A-1-301
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 an insurance corporation, except when referring to:

(i)

a corporation doing business:

(A)

as:

(I)	an insurance producer;

(II)	a surplus lines producer;

(III)

a limited line producer;

(IV)	a consultant;

(V)	a managing general agent;

(VI)	a reinsurance intermediary;

(VII)

a third party administrator; or

(VIII)

an adjuster; and

(B)

under:

(I)	Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries;

(II)	Chapter 25, Third Party Administrators; or

(III)

(ii)

a noninsurer that is part of a holding company system under Chapter 16, Insurance Holding Companies. See Utah Code 31A-1-301

Insurance: includes :

(i)	a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;

(ii)	a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and

(iii)	a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301 Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301
(2)	One to 15 adult natural persons may organize and act as incorporators of a corporation under the accelerated organization procedure of Section 31A-5-213.

(3)	This section does not apply to stock and mutual insurance corporations already in existence on July 1, 1986.

Amended by Chapter 71, 2002 General Session