(1)  The board of each independent corporation shall annually adopt a budget.

Terms Used In Utah Code 63E-2-110

  • 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.
  • Independent corporation: means a corporation incorporated in accordance with Chapter 2, Independent Corporations Act. See Utah Code 63E-1-102
  • Money held in trust: means money maintained for the benefit of:
(a) one or more private individuals, including public employees;
(b) one or more public or private entities; or
(c) the owners of a quasi-public corporation. See Utah Code 63E-1-102
  • 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) 

    (a)  All money held in trust by an independent corporation is not public funds, even if they were public funds before the money was received by the independent corporation.

    (b)  The money of an independent corporation is not required to be held in the custody of the state treasurer.

    Amended by Chapter 342, 2011 General Session

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