53H-16-201. General provisions -- Definitions.

203 words·~1 min read·/ut/title-53h/chapter-16/53h-16-201

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 7/1/2026

As used in this part:

(1)"Executive director" means the executive director of the institute appointed under Section 53H-16-304 .

(2)"Institute board" means the board of directors of the Nucleus Institute as described in Section 53H-16-302 .

(3)"Investment committee" means the investment committee of the Nucleus Fund created in Section 53H-16-403 .

(4)"Nucleus Fund" means a limited liability company organized under Section 53H-16-402 .

(5)"Nucleus Institute" or "institute" means the Nucleus Institute created in Section 53H-16-202 .

(6)"Qualified business" means a business entity that:

(a)is established to commercialize a technology, product, or service developed in partnership with a technology commercialization program at a public institution or private postsecondary educational institution in the state; and

(b)maintains the business's principal business operations in the state.

(7)"Qualified investment" means any distribution or payment of funds to a qualified business from the Nucleus Fund, including:

(a)a direct investment of capital in a qualified business for the purchase of shares of stock;

(b)a secured loan or revolving line of credit to a qualified business; or

(c)a financial grant to a qualified business.

Amended by Chapter 138 , 2026 General Session