Utah Code 63N-21-202. Board of directors — Membership — Limitations
Current as of: 2023 | Check for updates
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63N-21-202. Board of directors — Membership — Limitations.
(1) | The innovation lab shall be governed by a board of directors which shall manage and conduct the business and affairs of the innovation lab. |
(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. See Utah Code 63N-21-101 | ||||||||||
(2) | The board shall consist of seven voting members as follows:
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(3) |
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(4) |
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(5) | The board shall elect a chair from the board’s members, who shall serve a two-year term. |
(6) |
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Enacted by Chapter 38, 2023 General Session
Technically renumbered for proper placement with other sections that were technically renumbered in same bill.