State Codes and Statutes

Statutes > Utah > Title-63e > Chapter-01 > 63e-1-401

63E-1-401. Definitions.
As used in this part:
(1) "Asset" means property of all kinds, real and personal, tangible and intangible, andincludes:
(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 abusiness entity; or
(b) the ownership, either legally or equitably, of at least 10% of the outstanding shares ofa 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 inSection 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.
(5) (a) "Privatized" means an action described in Subsection (5)(b) taken undercircumstances in which the operations of the independent entity are continued by a successorentity 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 statelaws 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.

Enacted by Chapter 201, 2001 General Session