53D-1-102. Definitions.
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Effective 7/1/2026
53D-1-102. Definitions.
As used in this chapter:
(1)"Account" means the School and Institutional Trust Fund Management Account, created in Section 53D-1-203 .
(2)"Advocacy office" means the School and Institutional Trust Beneficiaries' Advocacy Office, created in Section 53D-2-201 .
(3)"Advocacy office director" means the director of the School and Institutional Trust Beneficiaries' Advocacy Office, appointed under Section 53D-2-401 .
(4)"Beneficiaries":
(a)means those listed in Subsection 53D-2-201(3) for whose benefit the trust fund is managed and preserved, consistent with the enabling act, the Utah Constitution, and state law; and
(b)does not include other government institutions or agencies, the public at large, or the general welfare of the state.
(5)"Board" means the board of trustees established in Section 53D-1-301 .
(6)"Director" means the director of the office.
(7)"Enabling act" means the act of Congress, dated July 16, 1894, enabling the people of Utah to form a constitution and state government and to be admitted into the Union.
(8)"Nominating committee" means the committee established under Section 53D-1-501 .
(9)"Office" means the School and Institutional Trust Fund Office, created in Section 53D-1-201 .
(10)"Trust fund" means money derived from:
(a)the sale or use of land granted to the state under Sections 6, 8, and 12 of the Utah Enabling Act;
(b)proceeds referred to in Section 9 of the enabling act from the sale of public land; and
(c)revenue and assets referred to in Utah Constitution, Article X, Section 5, Subsections (1)(c) ,
(e), and
(f).
Amended by Chapter 214 , 2026 General Session