63N-21-301. Organization of Utah innovation fund — Powers and purposes — Use of investment proceeds.
| (1) |
Terms Used In Utah Code 63N-21-301
| (a) |
The innovation lab shall organize, and be the sole member and manager of, the Utah innovation fund. |
| (b) |
The Utah innovation fund shall be organized as a limited liability company. |
| (c) |
The Utah innovation fund may:
| (i) |
engage consultants and legal counsel; |
| (ii) |
invest and expend funds; |
| (iii) |
enter into contracts; |
| (iv) |
insure against loss; |
| (vi) |
perform any other act necessary to carry out the purposes of the Utah innovation fund. |
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| (2) |
The Utah innovation fund shall, subject to board approval, make qualified investments in a manner and for the following purposes:
| (a) |
to advance innovative technologies developed in Utah; |
| (b) |
to strengthen Utah’s economy and facilitate job creation; |
| (c) |
to help qualified businesses gain access to capital; |
| (d) |
to attract entrepreneurs and innovation to Utah; |
| (e) |
to facilitate the commercialization of technologies discovered, advanced, or developed at state institutions of higher education; |
| (f) |
to advance the competitiveness of Utah businesses in the global economy; |
| (g) |
to ensure that the Utah innovation fund remains financially self-sustaining; and |
| (h) |
to encourage other investors to invest in qualified businesses alongside the Utah innovation fund. |
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| (3) |
The Utah innovation fund shall hold and manage qualified investments made by the Utah innovation fund and the proceeds of those qualified investments. |
Enacted by Chapter 38, 2023 General Session
Technically renumbered for proper placement with other sections that were technically renumbered in same bill.
