| (1) |
The following institutions of higher education are bodies politic and corporate with perpetual succession and with all rights, immunities, and franchises necessary to function as such:
Terms Used In Utah Code 53B-2-101- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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
- Technical college: means an institution of higher education described in Subsection 53B-1-102(1)(b). See Utah Code 53B-1-101.5
| (a) |
the University of Utah; |
| (b) |
Utah State University; |
| (c) |
Weber State University; |
| (d) |
Southern Utah University; |
| (f) |
Utah Tech University; |
| (g) |
Utah Valley University; |
| (h) |
Salt Lake Community College; |
| (i) |
Bridgerland Technical College; |
| (j) |
Davis Technical College; |
| (k) |
Dixie Technical College; |
| (l) |
Mountainland Technical College; |
| (m) |
Ogden-Weber Technical College; |
| (n) |
Southwest Technical College; |
| (o) |
Tooele Technical College; and |
| (p) |
Uintah Basin Technical College. |
|
| (2) |
| (a) |
An institution of higher education may have and use a corporate seal and may, subject to this title, take, hold, lease, sell, and convey real and personal property as the interest of the institution requires. |
| (b) |
An institution of higher education is vested with all the property, franchises, and endowments of, and is subject to, all the contracts, obligations, and liabilities of the institution’s respective predecessor. |
| (c) |
| (i) |
An institution of higher education may enter into business relationships or dealings with private seed or venture capital entities or partnerships consistent with Utah Constitution Article VI, Section 29, Subsection (2). |
| (ii) |
A business dealing or relationship entered into under Subsection (2)(c)(i) does not preclude the private entity or partnership from participating in or receiving benefits from a venture capital program authorized or sanctioned by the laws of this state, unless otherwise precluded by the specific law that authorizes or sanctions the program. |
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Amended by Chapter 1, 2021 Special Session 2
