Terms Used In Utah Code > Title 16 > Chapter 10b > Part 1 - General Provisions

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Benefit corporation: means a business corporation:

  (a)	that elects to become subject to this chapter; and

  (b)

  the status of which as a benefit corporation has not been terminated. See Utah Code 16-10b-103 Benefit director: means the director designated as the benefit director of a benefit corporation under Section 16-10b-302. See Utah Code 16-10b-103 Benefit officer: means the individual designated as the benefit officer of a benefit corporation under Section 16-10b-304. See Utah Code 16-10b-103 Business corporation: means a corporation formed under Chapter 10a, Utah Revised Business Corporation Act, or Chapter 11, Professional Corporation Act. See Utah Code 16-10b-103 Contract: A legal written agreement that becomes binding when signed. 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. Division: means the Division of Corporations and Commercial Code. See Utah Code 16-10b-103 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Executive officer: means : (a)  a benefit corporation's president; (b)  a vice president of the benefit corporation in charge of a principal business unit, division, or function; or (c)  any other officer who performs a policy-making function for the benefit corporation. See Utah Code 16-10b-103 General public benefit: means a material positive impact on society and the environment: (a)  taken as a whole; (b)  assessed against a third-party standard; and (c)  from the business of a benefit corporation. See Utah Code 16-10b-103 Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. Guardian: includes a person who:Utah Code 68-3-12.5 Immediate family: means a parent, spouse, surviving spouse, child, or sibling of a person. See Utah Code 16-10b-103 Independent: means having no material relationship with a benefit corporation or a subsidiary of the benefit corporation. See Utah Code 16-10b-103 Individual other than a parent: means an individual who is not a parent and is related to the child by marriage or blood, including: (a)  siblings; (b)  aunts; (c)  uncles; (d)  grandparents; or (e)  current or former step-parents, or any of the individuals described in Subsections (1)(a) through (d) in a step relationship to the child. See Utah Code 30-5a-102 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Minimum status vote: means : (a)  in the case of a business corporation, in addition to any other required approval or vote, the satisfaction of the following conditions: (i)  the shareholders of every class or series may vote as a separate voting group on the corporate action regardless of a limitation stated in the articles of incorporation or bylaws on the voting rights of a class or series; and (ii)  the corporate action is required to be approved by vote of the shareholders of each class or series entitled to cast at least two-thirds of the votes that all shareholders of the class or series are entitled to cast on the action; or (b)  in the case of a domestic entity other than a business corporation, in addition to any other required approval, vote, or consent, the satisfaction of the following conditions: (i)  the holders of every class or series of equity interest in the entity that are entitled to receive a distribution of any kind from the entity may vote on or consent to the action regardless of any otherwise applicable limitation on the voting or consent rights of a class or series; and (ii)  the action must be approved by vote or consent of the holders described in Subsection (12)(b)(i) entitled to cast at least two-thirds of the votes or consents that all of those holders are entitled to cast on the action. See Utah Code 16-10b-103 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Parent: means a biological or adoptive parent. See Utah Code 30-5a-102 Person: means :Utah Code 68-3-12.5 Premarital agreement: means an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage. See Utah Code 30-8-2 Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Property: means an interest, present or future, legal or equitable, vested or contingent, in real or personal property, including income and earnings. See Utah Code 30-8-2 Specific public benefit: includes : (a)  providing low-income or underserved individuals or communities with beneficial products or services; (b)  promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business; (c)  protecting or restoring the environment; (d)  improving human health; (e)  promoting the arts, sciences, or advancement of knowledge; (f)  increasing the flow of capital to entities with a purpose to benefit society or the environment; and (g)  conferring any other particular benefit on society or the environment. See Utah Code 16-10b-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 Statute: A law passed by a legislature. Subsidiary: means , in relation to a person, an entity in which the person owns beneficially or of record 50% or more of the outstanding equity interests, calculated as if all outstanding rights to acquire equity interests in the entity had been exercised. See Utah Code 16-10b-103 Third-party standard: means a recognized standard for defining, reporting, and assessing corporate social and environmental performance that: (a)  assesses the effect of the business and its operations upon the interests listed in Subsections 16-10b-301(1)(a)(ii), (iii), (iv), and (v); (b)  is developed by an entity that is not controlled by the benefit corporation; (c)  is developed by an entity that both: (i)  has access to necessary expertise to assess overall corporate social and environmental performance; and (ii)  uses a balanced multistakeholder approach to develop the standard, including a reasonable public comment period; or (d)  makes the following information publicly available: (i)  about the standard: (A)  the criteria considered when measuring the overall social and environmental performance of a business; and (B)  the relative weightings, if any, of those criteria; and (ii)  about the development and revision of the standard: (A)  the identity of the directors, officers, material owners, and the governing body of the entity that developed and controls revisions to the standard; (B)  the process by which revisions to the standard and changes to the membership of the governing body are made; or (C)  an accounting of the revenue and sources of financial support for the entity, with sufficient detail to disclose a relationship that could reasonably be considered to present a potential conflict of interest. See Utah Code 16-10b-103 United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 Writing: includes :Utah Code 68-3-12.5