Utah Code 53B-17-503. Administration through nonprofit corporations or foundations — Control — Authority of corporations or foundations — Personnel considered employees of university
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(1) The University of Utah may establish, develop, and administer through nonprofit corporations or foundations controlled by the president and the board a research park upon the land acquired by the university under the patent.
Terms Used In Utah Code 53B-17-503
- Board: means the Utah Board of Higher Education described in Section 53B-1-402. See Utah Code 53B-1-101.5
- 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.
- Land: includes :(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See Utah Code 68-3-12.5(2) The nonprofit corporations or foundations may receive and administer legislative appropriations, government grants, contracts, and private gifts to carry out their public purposes.(3) All salaried employees, agents, officers, faculty, and staff of the nonprofit corporation or foundation are for the purpose of employee benefits, employees, agents, officers, faculty, and staff of the University of Utah.