| (1) |
As used in this section, “foreign depository institution” is as defined in Section 7-1-103. |
Terms Used In Utah Code 53B-7-601
- Contract: A legal written agreement that becomes binding when signed.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
| (2) |
In accordance with Subsection 51-7-4(1)(b)(iii), a higher education institution may deposit funds in a foreign depository institution for purposes of conducting academic, research, or clinical activities in the foreign country, if the:
| (a) |
laws of the foreign country require the money to be deposited in the foreign country; or |
| (b) |
terms of a grant, gift, or contract require the funds to be deposited in the foreign country. |
|
| (3) |
The foreign depository institution in which funds are deposited under this section shall meet the requirements of rules made by the State Money Management Council under Section 51-7-18. |
Enacted by Chapter 388, 2013 General Session
