16-4-201. Assessments.
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/ut/title-16/chapter-4/16-4-201A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
16-4-201. Assessments.
(1)The shares of a nonprofit corporation are subject to assessment for any corporate purpose, except to the extent proscribed by the articles of incorporation.
(2)The shares of a profit corporation are subject to assessment if:
(a)those shares were subject to assessment before May 1, 2007; and
(b)the assessment is not proscribed by the corporation's articles of incorporation.
Enacted by Chapter 367 , 2007 General Session