63E-1-401. Definitions.

355 words·~2 min read·/ut/title-63e/chapter-1/63e-1-401

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

Effective 5/4/2022

As used in this part:

(1)"Asset" means property of all kinds, real and personal, tangible and intangible, and includes:

(a)cash, except reasonable compensation or salary for services rendered;

(b)stock or other investments;

(c)goodwill;

(d)real property;

(e)an ownership interest;

(f)a license;

(g)a cause of action; and

(h)any similar property.

(2)"Business interest" means:

(a)holding the position of trustee, director, officer, or other similar position with a business entity; or

(b)the ownership, either legally or equitably, of at least 10% of the outstanding shares of a corporation or 10% interest in any other business entity, being held by:

(i)an individual;

(ii)the individual's spouse;

(iii)a minor child of the individual; or

(iv)any combination of Subsections (2)(b)(i) through

(iii).

(3)"Interested party" means a person that held or holds the position of trustee, director, officer, or other similar position with an independent entity within:

(a)five years prior to the date of an action described in Subsection

(5); or

(b)during the privatization of an independent entity.

(4)"Lobbyist" is a person that provided or provides services as a lobbyist, as defined in Section 36-11-102 , within:

(a)five years prior to the date of an action described in Subsection

(5); or

(b)during the privatization of an independent entity.

(a)"Privatized" means an action described in Subsection (5)(b) taken under circumstances in which the operations of the independent entity are continued by a successor entity that:

(i)is privately owned;

(ii)is unaffiliated to the state; and

(iii)receives any asset of the independent entity.

(b)An action referred to in Subsection (5)(a) includes:

(i)the repeal of the authorizing statute of an independent entity and the revision to state laws to terminate the relationship between the state and the independent entity;

(ii)the dissolution of the independent entity;

(iii)the merger or consolidation of the independent entity with another entity; or

(iv)the sale of all or substantially all of the assets of the independent entity.

Amended by Chapter 125 , 2022 General Session