Terms Used In Utah Code > Title 16 > Chapter 10b > Part 2 - Corporate Purposes

• 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.
• 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 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. Fraud: Intentional deception resulting in injury to another. 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 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 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 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 Writing: includes :Utah Code 68-3-12.5