reglab/housing_qa huggingface dataset:
UT Code § 16-11-11 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 11 - Professional Corporation Act|Section 11 - Authority of regulating boards not restricted or limited.

16-11-11. Authority of regulating boards not restricted or limited.  Nothing in this act shall restrict or limit in any manner the authority and duty of the regulating board for the licensing of individual persons rendering professional services or the practice of the profession which is within the jurisdiction of such regulating board, notwithstanding that such person is an officer, director, shareholder or employee of a professional corporation and rendering such professional services or engaging in the practice of such profession through such professional corporation.  Enacted by Chapter 20, 1963 General Session
UT Code § 16-11-12 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 11 - Professional Corporation Act|Section 12 - Prohibited acts of professional corporations.

16-11-12. Prohibited acts of professional corporations.  No professional corporation may do any act which is prohibited to be done by individual persons licensed to practice the profession which the professional corporation is organized to render.  Enacted by Chapter 20, 1963 General Session
UT Code § 16-11-13 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 11 - Professional Corporation Act|Section 13 - Purchase or redemption of shares of disqualified shareholder.

16-11-13. Purchase or redemption of shares of disqualified shareholder.    (1) The articles of incorporation may provide for the purchase or redemption of the shares of any shareholder upon the failure to qualify or disqualification of that shareholder, or the same may be provided in the bylaws or by private agreement. In the absence of such a provision in the articles of incorporation, the bylaws, or by private agreement, the professional corporation shall purchase the shares of a shareholder who is not qualified to own shares in the corporation within 90 days after the failure to qualify or disqualification of the shareholder.     (2) The price for shares purchased under this section shall be their reasonable fair value as of the date of failure to qualify or disqualification of the shareholder.     (3) If the corporation fails to purchase shares as required by Subsection (1), any disqualified shareholder or personal representative of a disqualified shareholder may bring an action in the district court of the county in which the principal office or place of practice of the professional corporation is located for the enforcement of this section. The court shall have power to award the plaintiff the reasonable fair value of his shares, or within its jurisdiction, may order the liquidation of the corporation. Further, if the plaintiff is successful in the action, he shall be entitled to recover a reasonable attorney's fee and costs.     (4) The professional corporation shall repurchase shares as required by this section without regard to restrictions upon the repurchase of shares provided by Title 16, Chapter 10a, Utah Revised Business Corporation Act.    Amended by Chapter 261, 2000 General Session
UT Code § 16-11-14 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 11 - Professional Corporation Act|Section 14 - Annual certificate -- Filing -- Contents -- Filing fee.

16-11-14. Annual certificate -- Filing -- Contents -- Filing fee.  During the month of the anniversary date of incorporation, each professional corporation shall file with the division an annual report as specified by Section 16-10a-1607, giving the names and residence addresses of all shareholders of the professional corporation as of its anniversary date of incorporation next preceding, and certifying that all of the shareholders are duly licensed to render the same specific professional services as those for which the corporation was organized or otherwise qualify to be shareholders pursuant to the applicable licensing act for the profession for which the corporation was organized.  Amended by Chapter 261, 2000 General Session
UT Code § 16-11-15 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 11 - Professional Corporation Act|Section 15 - Incorporation under Utah Revised Business Corporation Act permitted -- Existing corporations may come under Professional Corporation Act.

16-11-15. Incorporation under Utah Revised Business Corporation Act permitted -- Existing corporations may come under Professional Corporation Act.  This act does not preclude incorporation by professional persons under Title 16, Chapter 10a, Utah Revised Business Corporation Act, where such persons would be permitted to organize a corporation and perform professional services by means of such corporation in the absence of this act. This act does not apply to any corporation organized by such persons prior to the passage of this act, but any such persons or any such corporation may bring themselves and such corporation within the provisions of this act by amending the articles of incorporation in such a manner as to be consistent with all of the provisions of this act and by affirmatively stating in the amended articles of incorporation that the shareholders have elected to bring the corporation within the provisions of this act.  Amended by Chapter 378, 2010 General Session
UT Code § 16-12-1 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 12 - Real Estate Investment Trust Act|Section 1 - Short title.

16-12-1. Short title.  This act shall be known and cited as the "Real Estate Investment Trust Act."  Enacted by Chapter 114, 1965 General Session
UT Code § 16-12-2 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 12 - Real Estate Investment Trust Act|Section 2 - Definition of real estate investment trust.

16-12-2. Definition of real estate investment trust.  A real estate investment trust is an unincorporated trust or association which has complied or intends to comply with Sections 856, 857, and 858 of the federal Internal Revenue Code of 1954, as amended, or such sections or section of any subsequent internal revenue code as may be applicable to organizations described in Public Law 86-779.  Enacted by Chapter 114, 1965 General Session
UT Code § 16-12-3 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 12 - Real Estate Investment Trust Act|Section 3 - Declaration of trust -- Filing fee.

16-12-3. Declaration of trust -- Filing fee.  An original and one copy of the declaration of trust of a real estate investment trust shall be delivered to the Division of Corporations and Commercial Code, and the division shall endorse on the original and one copy the word "filed." The Division of Corporations and Commercial Code shall file the original in the division's office, and shall return the copy to the trustees or their representatives. The Division of Corporations and Commercial Code may charge a fee pursuant to Section 63J-1-504 for the filing.  Amended by Chapter 183, 2009 General Session
UT Code § 16-12-4 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 12 - Real Estate Investment Trust Act|Section 4 - Powers of real estate investment trust.

16-12-4. Powers of real estate investment trust.  A real estate investment trust shall have power to sue and be sued, in its trust name, and to acquire title, lease, mortgage, convey or otherwise deal with real and personal property, or any interest therein in its trust name.  Enacted by Chapter 114, 1965 General Session
UT Code § 16-12-5 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 12 - Real Estate Investment Trust Act|Section 5 - Limited liability of shareholders or beneficiaries.

16-12-5. Limited liability of shareholders or beneficiaries.  The shareholders or beneficiaries of a real estate investment trust are not, as such, personally liable for obligations of the real estate investment trust, and shall be under no obligation to the trust or its creditors with respect to such shares or interest other than the obligation to pay the trust the full amount of consideration for which such shares were issued or to be issued.  Amended by Chapter 378, 2010 General Session
UT Code § 16-12-6 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 12 - Real Estate Investment Trust Act|Section 6 - Trustee governed by declaration of trust -- Liability.

16-12-6. Trustee governed by declaration of trust -- Liability.  A trustee of a real estate investment trust shall be governed by all the provisions of the declaration of trust and is not liable for any claims or damages that may result from his acts in the discharge of any duty imposed or power conferred upon him by the trust, if he exercises ordinary care, and acts in good faith, but shall be liable for his own willful misfeasance or malfeasance. Persons dealing with the trust through the trustees or agents shall look to the trust estate for performance of obligations.  Amended by Chapter 378, 2010 General Session
UT Code § 16-13-1 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 13 - Business Development Corporations|Section 1 - Organization of development corporations under Utah Revised Business Corporation Act -- Corporate name.

16-13-1. Organization of development corporations under Utah Revised Business Corporation Act -- Corporate name.  Corporations to conduct a development business as specified in this act may be formed under the provisions of Title 16, Chapter 10a, Utah Revised Business Corporation Act, and all the rights, privileges, and powers and all the duties and obligations of such corporations and of the officers and stockholders thereof shall be as provided in Title 16, Chapter 10a, Utah Revised Business Corporation Act, except as otherwise provided in this act. The name of any corporation organized in accordance with the provisions of this act shall include the words "business development corporation."  Amended by Chapter 6, 1992 Special Session 3Amended by Chapter 6, 1992 Special Session 3
UT Code § 16-13-2 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 13 - Business Development Corporations|Section 2 - Definitions.

16-13-2. Definitions.  As used in this act:  (1) The words "financial institution" mean any corporation engaged in a banking business, loan and trust company, or corporation, partnership, foundation, or other institution engaged primarily in lending or investing funds.     (2) The word "lender" means any person, partnership, association, corporation including any financial institution and any corporation, agency or instrumentality organized or authorized by an act of Congress which lends money to a corporation organized in accordance with this act upon its call and in accordance with the provisions of this chapter.     (3) The words "loan limit" mean for any lender the total of the maximum amount prescribed to be outstanding at one time on loans made by such lender to a corporation organized under this act and the amount of the investment in the capital stock of such corporation then held by such lender, as determined under the provisions of this act, and the amount of the investment in the capital stock of such corporation then held by such lender, as determined under the provisions of this act.     (4) The words "development corporation" means a corporation organized in accordance with the provisions of this act.    Amended by Chapter 55, 1979 General Session
UT Code § 16-13-3 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 13 - Business Development Corporations|Section 3 - Purposes of development corporation.

16-13-3. Purposes of development corporation.  The purposes of a development corporation shall include the following: The purposes of a development corporation shall be to assist, promote, encourage and, through the cooperative efforts of the institutions and corporations which, from time to time, shall become lenders thereto, to develop and advance the business prosperity and economic welfare of the state and its citizens; to encourage and assist in the location of new business and industry in the state and to rehabilitate existing business and industry; to stimulate and assist in the expansion of all kinds of business activity which will tend to promote the business development and maintain the economic stability of the state, provide maximum opportunities for employment, encourage thrift and improve the standard of living of the citizens of the state; to cooperate and act in conjunction with other organizations, public or private, the objects of which are the promotion and advancement of industrial, commercial, agricultural and recreational developments in the state; to furnish either equity capital, debt capital, or both, to approved and deserving applicants for the promotion, development and conduct of all kinds of business activity in the state, thereby establishing a source of capital and credit not otherwise readily available for such purposes.  Amended by Chapter 55, 1979 General Session
UT Code § 16-13-5 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 13 - Business Development Corporations|Section 5 - Bonds or securities, capital stock of development corporations -- Authority to purchase, hold, or dispose of -- Rights of holders -- Rights of financial institutions.

16-13-5. Bonds or securities, capital stock of development corporations -- Authority to purchase, hold, or dispose of -- Rights of holders -- Rights of financial institutions.    (1) All persons, firms, partnerships, associations, trusts and domestic and foreign corporations organized or authorized to do business in this state, including, without implied limitation, all financial institutions, public utility corporations and insurance corporations, are hereby authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of any bonds, securities or other evidences of indebtedness created by a development corporation, and to exercise all the rights, powers and privileges of ownership thereof, all without the approval of any regulatory authority of the state.     (2) All persons, firms, partnerships, associations, trusts, domestic and foreign corporations organized or authorized to do business in this state, including without implied limitation all public utility corporations and insurance corporations, other than financial institutions, are hereby authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of any of the shares of the capital stock of a development corporation, and while owners of said stock to exercise all the rights, powers and privileges of ownership, including the right to vote thereon, all without the approval of any regulatory authority of the state.     (3) All financial institutions are hereby authorized to become lenders to development corporations and to make loans to the corporations as provided herein, without the approval of any regulatory authority of the state.     (4) A financial institution is authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of, any bonds, securities or other evidences of indebtedness created by the corporation in accordance with its provisions for the call of loans, and any of the shares of the capital stock of the corporation, and while owners thereof, to exercise all the rights, powers and privileges of ownership, including the right to vote, all without approval of any regulatory authority of the state; provided, that the amount of the capital stock of the corporation which may be acquired by any lender pursuant to the authority granted herein may not exceed 10% of the loan limit of such lender. The amount of capital stock of the corporation which any lender is authorized to acquire pursuant to the authority granted herein is in addition to the amount of capital stock in corporations which such lender may otherwise be authorized to acquire.    Amended by Chapter 378, 2010 General Session
UT Code § 16-13-8 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 13 - Business Development Corporations|Section 8 - Board of directors -- Number and election of members.

16-13-8. Board of directors -- Number and election of members.  The board of directors of a development corporation shall be of such number in multiples of three, but not less than six, as shall be determined in the first instance by the articles of incorporation and thereafter annually by the stockholders of the corporation. The names and addresses of the members of the first board of directors shall be stated in the articles of incorporation. Said persons shall hold office until the first annual meeting of the corporation and until their successors have been elected and qualified. At the first annual meeting of a development corporation and at each annual meeting thereafter, or, if no annual meeting shall be held in any year at the time fixed by the bylaws, at a special meeting held in lieu thereof, the shareholders shall elect the directors. The directors shall hold office until the next annual meeting, after their elections, and until their successors are elected and qualified unless sooner removed. Any vacancy in the office of a director shall be filled by the remaining directors.  Amended by Chapter 55, 1979 General Session
UT Code § 16-13-9 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 13 - Business Development Corporations|Section 9 - Requirement before commencing business -- Cash consideration for shares -- Minimum stated capital.

16-13-9. Requirement before commencing business -- Cash consideration for shares -- Minimum stated capital.  A development corporation incorporated after July 1, 1979, may not transact any business or incur any indebtedness, except as is incidental to its organization or to obtain subscriptions to or payment for its shares, until there has been paid in for the issuance of shares consideration in cash of at least $300,000. A development corporation shall have a stated capital of not less than $300,000.  Amended by Chapter 378, 2010 General Session
UT Code § 16-13-10 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 13 - Business Development Corporations|Section 10 - Amount of net earnings set apart as earned surplus.

16-13-10. Amount of net earnings set apart as earned surplus.  Each year a development corporation shall set apart as earned surplus not less than 10% of its net earnings for its preceding fiscal year until such surplus is equal in value to one-half of the amount paid in on the shares of the corporation then outstanding. Whenever the amount of surplus so established shall become impaired, it shall be restored to the required amount in the manner hereinbefore provided. Net earnings and surplus shall be determined by the board of directors, after providing for such reserves as said directors deem desirable, and the directors' determination made in good faith shall be conclusive on all persons.  Enacted by Chapter 27, 1965 General Session
UT Code § 16-13-11 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 13 - Business Development Corporations|Section 11 - Designation of depository.

16-13-11. Designation of depository.  A development corporation may not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so designated. A development corporation may not receive money on deposit.  Amended by Chapter 378, 2010 General Session
UT Code § 16-13-12 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 13 - Business Development Corporations|Section 12 - Licensing, supervision, and examination by commissioner of financial institutions -- Fees.

16-13-12. Licensing, supervision, and examination by commissioner of financial institutions -- Fees.  A development corporation shall be licensed, supervised, and examined by the commissioner of financial institutions and shall make such report of its condition from time to time as the commissioner shall require. A development corporation shall pay a fee determined by the commissioner pursuant to Section 63J-1-504 for a license and for each examination.  Amended by Chapter 183, 2009 General Session
UT Code § 16-15-101 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 15 - Utah Business Trust Registration Act|Section 101 - Title.

16-15-101. Title.  This act is known as the "Utah Business Trust Registration Act."  Enacted by Chapter 310, 1995 General Session
UT Code § 16-15-102 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 15 - Utah Business Trust Registration Act|Section 102 - Definition of business trust.

16-15-102. Definition of business trust.  As used in this chapter:  (1) "Beneficiary" means a person holding a certificate representing a beneficial interest in the trust estate and assets.     (2) "Business trust" has the same meaning as in Section 7-5-1.     (3) "Division" means the Division of Corporations and Commercial Code.     (4) "Person" means an individual, general partnership, limited liability partnership, limited partnership, limited liability company, limited association, domestic or foreign trust, estate, association, or corporation.    Enacted by Chapter 310, 1995 General Session
UT Code § 16-15-103 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 15 - Utah Business Trust Registration Act|Section 103 - Name.

16-15-103. Name.    (1) The words "business trust" shall be the last words of the name of every business trust registered under this chapter. The name of a business trust registered under this chapter shall be distinguishable, as provided in Subsection 16-10a-401(5), on the records of the division from any corporation, partnership, or limited liability company, and from any business name, or trademark of record with the division.     (2) A person who participates in the omission of the words "business trust" in the commercial use of the name of the business trust, or knowingly acquiesces in the omission is liable for any indebtedness, damage, or liability resulting from the omission.    Enacted by Chapter 310, 1995 General Session
UT Code § 16-15-104 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 15 - Utah Business Trust Registration Act|Section 104 - Registration required -- Certificate of registration.

16-15-104. Registration required -- Certificate of registration.    (1) A business trust shall register with the division before doing business in the state.     (2) The certificate of registration of a business trust shall set forth:   (a) the name of the business trust;     (b) the period of its duration;     (c) the business purpose for which the business trust is organized;     (d) the information required by Subsection 16-17-203(1); and     (e) the name, signature, and street address of all trustees of the business trust.      Amended by Chapter 364, 2008 General Session
UT Code § 16-15-105 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 15 - Utah Business Trust Registration Act|Section 105 - Filing of certificate -- Fees.

16-15-105. Filing of certificate -- Fees.    (1) A business trust is registered when two copies of the certificate of registration are filed with the division. The documents to be filed shall be true copies made by photographic, xerographic, electronic, or other process that provides similar copy accuracy of a document that has been properly executed.     (2) The division shall endorse the original and one copy of a certificate of registration and:   (a) file the original in the division office; and     (b) return the copy to the trustee or the trustee's representative.       (3) The division may charge a fee in accordance with Section 63J-1-504 for the filing.    Amended by Chapter 183, 2009 General Session