53H-16-402. Organization of Nucleus Fund -- Powers and purposes -- Use of investment proceeds.

280 words·~1 min read·/ut/title-53h/chapter-16/53h-16-402

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

Effective 7/1/2026

(a)The institute shall organize, and be the sole member and manager of, the Nucleus Fund.

(b)The Nucleus Fund shall be organized as a limited liability company.

(c)The Nucleus Fund may:

(i)engage consultants and legal counsel;

(ii)invest and expend funds;

(iii)use funds for operations of the Nucleus Fund;

(iv)enter into contracts;

(v)insure against loss;

(vi)hire employees; and

(vii)perform any other act necessary to carry out the purposes of the Nucleus Fund.

(2)The Nucleus Fund shall, subject to investment committee approval, make qualified investments in a manner and for the following purposes:

(a)to advance innovative technologies developed in Utah;

(b)to strengthen Utah's economy and facilitate job creation;

(c)to help qualified businesses gain access to capital;

(d)to attract entrepreneurs and innovation to Utah;

(e)to facilitate the commercialization of technologies discovered, advanced, or developed at institutions of higher education;

(f)to advance the competitiveness of Utah businesses in the global economy;

(g)to ensure that the Nucleus Fund remains financially self-sustaining; and

(h)to encourage other investors to invest in qualified businesses alongside the Nucleus Fund.

(3)The Nucleus Fund shall hold and manage qualified investments made by the Nucleus Fund and the proceeds of those qualified investments.

(4)The Nucleus Fund may charge a fee on assets under management in the Nucleus Fund to pay for reasonable and necessary costs of the Nucleus Fund, including the costs of the annual audit required under Section 53H-16-407 , and compensation incentives based on performance.

Amended by Chapter 138 , 2026 General Session