63N-6-305. Management fee — Additional financial assistance.
| (1) |
The corporation may charge a management fee on assets under management in the Utah fund of funds. |
Terms Used In Utah Code 63N-6-305
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Corporation: means the Utah Capital Investment Corporation created under Section 63N-6-301. See Utah Code 63N-6-103
- Utah fund of funds: means a limited liability company established under Section 63N-6-401. See Utah Code 63N-6-103
| (2) |
The management fee described in Subsection (1) may not, in a calendar year, exceed 1% of the asset value of the Utah fund of funds on the immediately preceding December 31. |
| (3) |
In addition to the management fee, the Utah fund of funds will pay directly or reimburse the corporation for out-of-pocket expenses, including fund administration, tax and audit fees and costs, investment and monitoring costs, and similar expenses incurred in connection with the operation of the corporation or the Utah fund of funds. |
Amended by Chapter 298, 2022 General Session
