Utah Code > Title 53C > Chapter 1 > Part 2 – School and Institutional Trust Lands Administration


§ 53C-1-201	Creation of administration — Purpose — Director — Participation in Risk Management Fund — Closed meetings
§ 53C-1-202	Board of trustees membership — Nomination list — Qualifications — Terms — Replacement — Chair — Quorum
§ 53C-1-203	Board of trustees nominating committee — Composition — Responsibilities — Per diem and expenses
§ 53C-1-204	Policies established by board — Director

Terms Used In Utah Code > Title 53C > Chapter 1 > Part 2 - School and Institutional Trust Lands Administration

Administration: means the School and Institutional Trust Lands Administration. See Utah Code 53C-1-103
Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
Appraisal: A determination of property value.
Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
board of trustees: means the School and Institutional Trust Lands Board of Trustees. See Utah Code 53C-1-103
director of school and institutional trust lands: means the chief executive officer of the School and Institutional Trust Lands Administration. See Utah Code 53C-1-103
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Fiduciary: A trustee, executor, or administrator.
Land: includes :Utah Code 68-3-12.5
Nominating committee: means the committee that nominates candidates for positions and vacancies on the board. See Utah Code 53C-1-103
Person: means :Utah Code 68-3-12.5
Policies: means statements applying to the administration that broadly prescribe a future course of action and guiding principles. See Utah Code 53C-1-103
Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
Quorum: The number of legislators that must be present to do business.
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

trust lands: means those properties granted by the United States in the Utah Enabling Act to the state in trust, and other lands transferred to the trust, which must be managed for the benefit of:

(a)	the state's public education system; or

(b)

the institutions of the state which are designated by the Utah Enabling Act as beneficiaries of trust lands. See Utah Code 53C-1-103

Trustee: A person or institution holding and administering property in trust.

Writing: includes :Utah Code 68-3-12.5