Utah Code 63N-21-101. Definitions

63N-21-101. Definitions.
As used in this chapter:

(1)	“Board” means the board of directors of the innovation lab, as described in Section 63N-21-202.

Board: means the board of directors of the innovation lab, as described in Section 63N-21-202. See Utah Code 63N-21-101
Innovation lab: means the Utah Innovation Lab created in Section 63N-21-201. See Utah Code 63N-21-101
Qualified business: means a business entity that:

(a)	is established to commercialize a technology, product, or service developed through a technology commercialization program at a public or private institution of higher education in the state; and

(b)	maintains the business's principal business operations in the state. See Utah Code 63N-21-101 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 Utah innovation fund: means a limited liability company organized under Section 63N-21-301. See Utah Code 63N-21-101
(2)	“Innovation lab” means the Utah Innovation Lab created in Section 63N-21-201.

(3)

“Qualified business” means a business entity that:

(a)	is established to commercialize a technology, product, or service developed through a technology commercialization program at a public or private institution of higher education in the state; and

(b)	maintains the business’s principal business operations in the state.

(4)

“Qualified investment” means any distribution or payment of funds to a qualified business from the Utah innovation fund, including:

(a)	a direct investment of capital in a qualified business for the purchase of shares of stock;

(b)	a secured loan or revolving line of credit to a qualified business; or

(c)	a financial grant to a qualified business.

(5)	“Utah innovation fund” means a limited liability company organized under Section 63N-21-301.

Enacted by Chapter 38, 2023 General Session

Technically renumbered to avoid duplication of newly enacted Chapter also in SB 258, Chapter 380.