63E-2-102. Independent corporations. An independent corporation is granted a franchise to incorporate in this state in accordance with this title and its authorizing statute. Enacted by Chapter 201, 2001 General Session
63E-2-103. Public purpose — Legislative findings. (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 […]
63E-2-104. Legislative review. (1) Each independent corporation is subject to review by the Retirement and Independent Entities Committee in accordance with Chapter 1, Independent Entities Act. (2) Notwithstanding Section 36-12-15, the Office of Legislative Auditor General may conduct comprehensive and special purpose audits, examinations, and reviews of any independent corporation. (3) Each independent corporation shall […]
63E-2-105. Boards. (1) As used in this section, “director” includes a trustee or other board member. (2) Each independent corporation shall be governed by a board of directors. (3) The authorizing statute of each independent corporation shall specify: (a) the process for appointing, removing, and replacing directors; (b) the number and terms of office for […]
63E-2-106. Powers. Except as specifically modified in its authorizing statute, each independent corporation shall have the power to: (1) exist as a: (a) public corporation; or (b) quasi-public corporation; (2) perform its stated public purpose; (3) sue and be sued in its own name; (4) retain and be represented by legal counsel independent of the […]
63E-2-107. Prohibited participation. Except as specifically modified in its authorizing statute, each independent corporation may not participate in the: (1) issuance of bonds that are the obligation of the state; or (2) services provided to state agencies, including: (a) fuel dispensing; (b) motor pool services; (c) surplus property services; (d) information technology services; or (e) […]
63E-2-108. Eligible participation. Except as specifically modified in its authorizing statute, each independent corporation may participate in the state retirement system. Enacted by Chapter 201, 2001 General Session
Effective 7/1/2021 63E-2-109. State statutes. (1) Except as specifically modified in its authorizing statute, each independent corporation shall be exempt from the statutes governing state agencies, including: (a)Title 51, Chapter 5, Funds Consolidation Act; (b)Title 51, Chapter 7, State Money Management Act; (c)Title 63A, Utah Government Operations Code; (d)Title 63G, Chapter 3, Utah Administrative Rulemaking […]
63E-2-110. Budgetary and fiscal requirements. (1) The board of each independent corporation shall annually adopt a budget. (2) (a) All money held in trust by an independent corporation is not public funds, even if they were public funds before the money was received by the independent corporation. (b) The money of an independent corporation is […]
63E-2-111. State liability. Except as expressly provided in this title or in an authorizing statute, the state is not liable for any independent corporation’s obligations, expenses, debts, and liabilities. Enacted by Chapter 201, 2001 General Session
