Terms Used In Utah Code > Title 63E > Chapter 1 > Part 4 - Privatization of Independent Entities

• 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.
• Asset: means property of all kinds, real and personal, tangible and intangible, and includes:

  (a)	cash, except reasonable compensation or salary for services rendered;

  (b)	stock or other investments;

  (c)

  goodwill;

  (d)	real property;

  (e)	an ownership interest;

  (f)	a license;

  (g)	a cause of action; and

  (h)

  any similar property. See Utah Code 63E-1-401 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Authorizing statute: means the statute creating an entity as an independent entity. See Utah Code 63E-1-102 Business interest: means : (a)  holding the position of trustee, director, officer, or other similar position with a business entity; or (b)  the ownership, either legally or equitably, of at least 10% of the outstanding shares of a corporation or 10% interest in any other business entity, being held by: (i)  an individual; (ii)  the individual's spouse; (iii)  a minor child of the individual; or (iv)  any combination of Subsections (2)(b)(i) through (iii). See Utah Code 63E-1-401 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. 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. Independent entity: means an entity having a public purpose relating to the state or its citizens that is individually created by the state or is given by the state the right to exist and conduct its affairs as an: (i)  independent state agency; or (ii)  independent corporation. See Utah Code 63E-1-102 Interested party: means a person that held or holds the position of trustee, director, officer, or other similar position with an independent entity within: (a)  five years prior to the date of an action described in Subsection (5); or (b)  during the privatization of an independent entity. See Utah Code 63E-1-401 Lobbyist: is a person that provided or provides services as a lobbyist, as defined in Section 36-11-102, within: (a)  five years prior to the date of an action described in Subsection (5); or (b)  during the privatization of an independent entity. See Utah Code 63E-1-401 Person: means :Utah Code 68-3-12.5 Privatized: means an action described in Subsection (5)(b) taken under circumstances in which the operations of the independent entity are continued by a successor entity that: (i)  is privately owned; (ii)  is unaffiliated to the state; and (iii)  receives any asset of the independent entity. See Utah Code 63E-1-401 Property: includes both real and personal property. See Utah Code 68-3-12.5 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. Trustee: A person or institution holding and administering property in trust.