Utah Code 57-8a-221. Reincorporation of terminated or dissolved association
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(1) An association that is terminated or dissolved without possibility of reinstatement under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , may be reincorporated by the acting directors of the association refiling articles of incorporation that are substantially similar to the articles of incorporation, as amended, in existence at the time of termination or dissolution.
Terms Used In Utah Code 57-8a-221
- association: means a corporation or other legal entity, any member of which:(2)(a)(i) is an owner of a residential lot located within the jurisdiction of the association, as described in the governing documents; and(2)(a)(ii) by virtue of membership or ownership of a residential lot is obligated to pay:(2)(a)(ii)(A) real property taxes;(2)(a)(ii)(B) insurance premiums;(2)(a)(ii)(C) maintenance costs; or(2)(a)(ii)(D) for improvement of real property not owned by the member. See Utah Code 57-8a-102
- board: means the entity, regardless of name, with primary authority to manage the affairs of the association. See Utah Code 57-8a-102
- 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.
- Lot: means :
(16)(a) a lot, parcel, plot, or other division of land:(16)(a)(i) designated for separate ownership or occupancy; and(16)(a)(ii)(16)(a)(ii)(A) shown on a recorded subdivision plat; or(16)(a)(ii)(B) the boundaries of which are described in a recorded governing document; or(16)(b)(16)(b)(i) a unit in a condominium association if the condominium association is a part of a development; or(16)(b)(ii) a unit in a real estate cooperative if the real estate cooperative is part of a development. See Utah Code 57-8a-102(2) Upon the association’s reincorporation under Subsection(1) :(2)(a) the board of directors shall readopt bylaws for the association that are the same as the bylaws that were in existence at the time of termination or dissolution; and(2)(b) all lot owners within the project are members of the reincorporated association.
