63N-6-401. Organization of Utah fund of funds.
| (1) |
The corporation shall organize, and be the sole member and manager of, the Utah fund of funds. |
Terms Used In Utah Code 63N-6-401
- 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
- Restricted account: means the Utah Capital Investment Restricted Account created in Section 63N-6-204. See Utah Code 63N-6-103
- 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 fund of funds: means a limited liability company established under Section 63N-6-401. See Utah Code 63N-6-103
| (2) |
The Utah fund of funds shall hold and manage investments made by the Utah fund of funds and proceeds from those investments until disbursed to the restricted account or used to pay the fees and expenses described in this chapter. |
| (3) |
The Utah fund of funds shall be organized as a limited liability company, with the corporation as the sole member and manager. |
| (4) |
The Utah fund of funds may not invest money after May 4, 2022, unless the Utah fund of funds committed to the investment before May 4, 2022. |
| (5) |
The corporation may disburse proceeds of investments from the Utah fund of funds into the restricted account at any time the corporation determines is in the best interest of the state, leaving sufficient funds to pay expenses and fees owed by, or needed to wind up the affairs of, the corporation or the Utah fund of funds. |
| (6) |
The state treasurer shall notify the Executive Appropriations Committee when all investments held by the Utah fund of funds mature and the state treasurer determines it is advisable to complete winding up the affairs of the corporation. |
Amended by Chapter 298, 2022 General Session
