Utah § 63E-2-103 Public purpose -- Legislative findings.

Utah Statutes

§ 63E-2-103 — Public purpose -- Legislative findings.

Utah § 63E-2-103

Title 63EIndependent Entities Code

Ch. 63E-2Independent Corporations Act

This text of Utah § 63E-2-103 (Public purpose -- Legislative findings.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 63E-2-103 (2026).

Text

(1)Each independent corporation shall have a specific public purpose related to the state or its citizens stated in its authorizing statute.

(2)Prior to enacting its authorizing statute, the Legislature shall make a finding that the independent corporation needs to be created by the state or be given by the state the right to exist and conduct its affairs as an independent corporation to serve its public purpose.

(3)Prior to enacting an authorizing statute, the Legislature shall also make a finding that:

(3)(a) if the independent corporation receives ongoing state funding for operations, it:

(3)(a)(i) performs a public purpose that is not performed by private entities; or

(3)(a)(ii) acts as a trustee over money held in trust;

(3)(b) if the independent corporation does not receive ongoi

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(1) Each independent corporation shall have a specific public purpose related to the state or its citizens stated in its authorizing statute.
(2) Prior to enacting its authorizing statute, the Legislature shall make a finding that the independent corporation needs to be created by the state or be given by the state the right to exist and conduct its affairs as an independent corporation to serve its public purpose.
(3) Prior to enacting an authorizing statute, the Legislature shall also make a finding that:

(3)(a) if the independent corporation receives ongoing state funding for operations, it:
(3)(a)(i) performs a public purpose that is not performed by private entities; or
(3)(a)(ii) acts as a trustee over money held in trust;
(3)(b) if the independent corporation does not receive ongoing state funding for operations, it requires:
(3)(b)(i) exemption from federal or state income tax to meet its public purpose; or
(3)(b)(ii) the interest on its indebtedness to be exempt from federal or state income tax to meet its public purpose; or
(3)(c) the independent corporation is created by the Utah Constitution.