Section 63N-21-201 - Creation of Utah Innovation Lab - Status and applicability of other law - Powers and purposes - Dissolution(1) There is created the Utah Innovation Lab.(2) The innovation lab is: (a) an independent, nonprofit, quasi-public corporation as defined in Section 63E-1-102; and(b) subject to and governed by Sections 63E-2-106, 63E-2-107, 63E-2-108, 63E-2-109, 63E-2-110, and 63E-2-111, but is not otherwise subject to or governed by Title 63E, Independent Entities Code.(3) The innovation lab shall organize and administer the Utah innovation fund.(4) The innovation lab may: (a) engage consultants and legal counsel;(b) invest and expend funds;(c) enter into contracts;(e) receive private donations to be used by the Utah innovation fund for qualified investments;(g) charge a fee on assets under management in the Utah innovation fund to pay for reasonable and necessary costs of the innovation lab, including the costs of the annual audit required under Section 63N-21-402; and(h) perform any other act necessary to carry out the purposes of the innovation lab.(5) The innovation lab may not: (a) issue debt or borrow funds;(b) exercise governmental functions;(d) pledge the credit or taxing power of the state or any political subdivision of the state.(6) The innovation lab shall be liquidated and dissolved upon the dissolution of the Utah innovation fund.Added by Chapter 38, 2023 General Session ,§ 2, eff. 5/3/2023, technically renumbered to avoid duplication.