16-6a-301. Purposes.
130 words·~1 min read·
/ut/title-16/chapter-6a/16-6a-301A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/9/2017
16-6a-301. Purposes.
(1)Every nonprofit corporation incorporated under this chapter that in its articles of incorporation has a statement meeting the requirements of Subsection 16-6a-202(3)(a) may engage in any lawful activity except for express limitations set forth in the articles of incorporation.
(a)A nonprofit corporation engaging in an activity that is subject to regulation under another statute of this state may incorporate under this chapter only if permitted by, and subject to all limitations of, the other statute.
(b)Without limiting Subsection (2)(a) , an organization may not be organized under this chapter if the organization is subject to the:
(i)insurance laws of this state; or
(ii)laws governing depository institutions as defined in Section 7-1-103 .
Amended by Chapter 168 , 2017 General Session