| (1) |
An institution of higher education described in Section 53B-2-101 may form a non-profit corporation or foundation to aid or assist the institution of higher education, within the institution of higher education’s mission and role described in Section 53B-16-101, in meeting the institution of higher education’s charitable, scientific, literary, research, educational, or other objectives. |
Terms Used In Utah Code 53B-2-112
- 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.
| (2) |
The board and the president of the institution of higher education control a nonprofit corporation or foundation described in Subsection (1). |
| (3) |
A nonprofit corporation or foundation described in Subsection (1) may receive and administer:
| (a) |
legislative appropriations; |
| (c) |
private contracts; or |
|
Enacted by Chapter 187, 2021 General Session
