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

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 Utah innovation fund created in Section 53H-16-403.
(4) "Nucleus Institute" or "institute" means the Nucleus Institute created in Section 53H-16-202.
(5) "Qualified business" means a business entity that:
(5)(a) is established to commercialize a technology, product, or service developed in partnership with a technology commercialization program at a public institution orprivate postsecondary educational institution in the state; and
(5)(b) maintains the business's principal business operations in the state.
(6) "Qualified investment" means any distribution or payment of funds to a qualified business from the Utah innovation fund, including:
(6)(a) a direct investment of capital in a qualified business for the purchase of shares of stock;
(6)(b) a secured loan or revolving line of credit to a qualified business; or
(6)(c) a financial grant to a qualified business.
(7) "Utah innovation fund" means a limited liability company organized under Section 53H-16-402.

Legislative History

Renumbered and Amended by Chapter 8, 2025 Special Session 1