Utah Code § 63N-21-101

Current through the 2024 Third Special Session

Section 63N-21-101 - Definitions

As used in this chapter:

(1) "Board" means the board of directors of the innovation lab, as described in Section 63N-21-202.

(2) "Innovation lab" means the Utah Innovation Lab created in Section 63N-21-201.

(3) "Qualified business" means a business entity that:

(a) is established to commercialize a technology, product, or service developed through a technology commercialization program at a public or private institution of higher education in the state; and

(b) maintains the business's principal business operations in the state.

(4) "Qualified investment" means any distribution or payment of funds to a qualified business from the Utah innovation fund, including:

(a) a direct investment of capital in a qualified business for the purchase of shares of stock;

(b) a secured loan or revolving line of credit to a qualified business; or

(c) a financial grant to a qualified business.

(5) "Utah innovation fund" means a limited liability company organized under Section 63N-21-301.

Utah Code § 63N-21-101

Added by Chapter 38, 2023 General Session ,§ 1, eff. 5/3/2023, technically renumbered to avoid duplication.