| (1) |
As used in this section, “director” includes a trustee or other board member. |
Terms Used In Utah Code 63E-2-105
- 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.
- Fiduciary: A trustee, executor, or administrator.
- Independent corporation: means a corporation incorporated in accordance with Chapter 2, Independent Corporations Act. See Utah Code 63E-1-102
- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
- Quorum: The number of legislators that must be present to do business.
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
| (2) |
Each independent corporation shall be governed by a board of directors. |
| (3) |
The authorizing statute of each independent corporation shall specify:
| (a) |
the process for appointing, removing, and replacing directors; |
| (b) |
the number and terms of office for directors; |
| (c) |
the board chair selection procedure; |
| (d) |
board quorum requirements; |
| (e) |
director qualifications; and |
| (f) |
the duties and fiduciary responsibilities of directors. |
|
Enacted by Chapter 201, 2001 General Session
