reglab/housing_qa huggingface dataset:
UT Code § 63N-6-303 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 6 - Utah Venture Capital Enhancement Act|Part 3 - Utah Capital Investment Corporation|Section 303 - Board of directors.

 Effective 5/5/2021  63N-6-303. Board of directors.    (1) The initial board of directors of the corporation shall consist of five members.     (2) The persons elected to the initial board of directors by the appointment committee shall include persons who have an expertise, as considered appropriate by the appointment committee, in the areas of:   (a) the selection and supervision of investment managers;     (b) fiduciary management of investment funds; and     (c) other areas of expertise as considered appropriate by the appointment committee.       (3) After the election of the initial board of directors, vacancies in the board of directors of the corporation shall be filled by election by the remaining directors of the corporation.     (4)   (a) Board members shall serve four-year terms, except that of the five initial members:   (i) two shall serve four-year terms;     (ii) two shall serve three-year terms; and     (iii) one shall serve a two-year term.       (b) Board members shall serve until their successors are elected and qualified and may serve up to a maximum of two successive terms.     (c) A majority of the board members may remove a board member for cause.     (d)   (i) The board shall select a chair by majority vote.     (ii) The chair's term is for one year, which may be extended annually by a majority vote of the members of the board of directors.         (5) Three members of the board are a quorum for the transaction of business.     (6) Members of the board of directors:   (a) are subject to any restrictions on conflicts of interest specified in the organizational documents of the corporation;     (b) shall annually disclose any venture capital and private equity interests to the corporation; and     (c) may not participate in a vote by the board of directors related to an investment by the Utah fund of funds, if the member has an interest in the investment.       (7) Directors of the corporation:   (a) shall be compensated for direct expenses and mileage; and     (b) may not receive a director's fee or salary for service as directors.      Amended by Chapter 438, 2021 General Session
UT Code § 63N-6-304 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 6 - Utah Venture Capital Enhancement Act|Part 3 - Utah Capital Investment Corporation|Section 304 - Investment manager.

 Effective 5/12/2015  63N-6-304. Investment manager.    (1) After incorporation, the corporation shall conduct a national solicitation for investment plan proposals from qualified venture capital investment fund allocation managers for the raising and investing of capital by the Utah fund of funds in accordance with the requirements of this part.     (2) Any proposed investment plan shall address the applicant's:   (a) level of:   (i) experience; and     (ii) quality of management;       (b) investment philosophy and process;     (c) probability of success in fund-raising;     (d) prior investment fund results; and     (e) plan for achieving the purposes of this part.       (3) The selected venture capital investment fund allocation manager shall have substantial, successful experience in the design, implementation, and management of seed and venture capital investment programs and in capital formation.     (4) The corporation shall only select a venture capital investment fund allocation manager:   (a) with demonstrated expertise in the management and fund allocation of investments in venture capital funds; and     (b) considered best qualified to:   (i) invest the capital of the Utah fund of funds; and     (ii) generate the amount of capital required by this part.        Renumbered and Amended by Chapter 283, 2015 General Session
UT Code § 63N-6-305 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 6 - Utah Venture Capital Enhancement Act|Part 3 - Utah Capital Investment Corporation|Section 305 - Management fee -- Additional financial assistance.

 Effective 5/12/2015  63N-6-305. Management fee -- Additional financial assistance.    (1) The corporation may charge a management fee on assets under management in the Utah fund of funds.     (2) The fee shall:   (a) be in addition to any fee charged to the Utah fund of funds by the venture capital investment fund allocation manager selected by the corporation; and     (b) be charged only to pay for reasonable and necessary costs of the corporation.       (3) The corporation may apply for and, when qualified, receive financial assistance from the Industrial Assistance Account under Chapter 3, Part 1, Industrial Assistance Account, and under rules made by the Board of Business and Economic Development in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, to help establish the program authorized under this part.    Renumbered and Amended by Chapter 283, 2015 General Session
UT Code § 63N-6-306 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 6 - Utah Venture Capital Enhancement Act|Part 3 - Utah Capital Investment Corporation|Section 306 - Dissolution.

 Effective 5/12/2015  63N-6-306. Dissolution.    (1) Upon the dissolution of the Utah fund of funds, the corporation shall be liquidated and dissolved.     (2) Upon dissolution or privatization of the corporation, any assets owned by the corporation shall be distributed to one or more Utah nonprofit tax exempt organizations to be designated by the Legislature for the purposes listed in Section 63N-6-102 as provided in Title 63E, Chapter 1, Independent Entities Act.    Renumbered and Amended by Chapter 283, 2015 General Session
UT Code § 63N-6-401 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 6 - Utah Venture Capital Enhancement Act|Part 4 - Utah Fund of Funds|Section 401 - Organization of Utah fund of funds.

 Effective 5/12/2015  63N-6-401. Organization of Utah fund of funds.    (1) The corporation shall organize the Utah fund of funds.     (2) The Utah fund of funds shall make investments in venture capital and private equity partnerships or entities in a manner and for the following purposes:   (a) to encourage the availability of a wide variety of venture capital in the state;     (b) to strengthen the economy of the state;     (c) to help business in the state gain access to sources of capital;     (d) to help build a significant, permanent source of capital available to serve the needs of businesses in the state; and     (e) to accomplish all these benefits in a way that minimizes the use of contingent tax credits.       (3) The Utah fund of funds shall be organized:   (a) as a limited partnership or limited liability company under Utah law having the corporation and qualified investment professionals as the general partner or manager;     (b) to provide for equity interests for designated investors, which provide for a designated scheduled return and a scheduled redemption in accordance with rules made by the board pursuant to Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and     (c) to provide for loans by or the issuance of debt obligations to designated investors that provide for designated payments of principal, interest, or interest equivalent in accordance with rules made by the board pursuant to Title 63G, Chapter 3, Utah Administrative Rulemaking Act.       (4) Public money may not be invested in the Utah fund of funds.    Renumbered and Amended by Chapter 283, 2015 General SessionAmended by Chapter 420, 2015 General Session
UT Code § 63N-6-402 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 6 - Utah Venture Capital Enhancement Act|Part 4 - Utah Fund of Funds|Section 402 - Compensation from the Utah fund of funds to the corporation -- Redemption reserve.

 Effective 5/5/2021  63N-6-402. Compensation from the Utah fund of funds to the corporation -- Redemption reserve.    (1) The corporation shall be compensated for its involvement in the Utah fund of funds through the payment of the management fee described in Section 63N-6-305.     (2) Before any returns may be reinvested in the Utah fund of funds:   (a) any returns shall be paid to designated investors, including the repayment by the Utah fund of funds of any outstanding loans;     (b) any returns in excess of those payable to designated investors shall be deposited in the redemption reserve and shall be:   (i) held by the corporation as a first priority reserve for the redemption of certificates; and     (ii) used by the corporation to provide money for the state as directed by statute;       (c) any returns received by the corporation from investment of amounts held in the redemption reserve that are not used to provide money for the state as directed by statute shall be added to the redemption reserve until the redemption reserve has reached a total of $250,000,000; and     (d) if at the end of a calendar year the redemption reserve exceeds the $250,000,000 limitation referred to in Subsection (2)(c), the corporation may reinvest the excess in the Utah fund of funds.       (3) Funds held by the corporation in the redemption reserve shall be invested in accordance with Title 51, Chapter 7, State Money Management Act.     (4)   (a) By June 30, 2021, the corporation shall transfer $20,000,000 from the redemption reserve or other assets of the corporation to the state treasurer.     (b) The state treasurer shall deposit the money described in Subsection (4)(a) into the restricted account.      Amended by Chapter 438, 2021 General Session
UT Code § 63N-6-403 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 6 - Utah Venture Capital Enhancement Act|Part 4 - Utah Fund of Funds|Section 403 - Investments by Utah fund of funds.

 Effective 5/12/2015  63N-6-403. Investments by Utah fund of funds.    (1) The Utah fund of funds shall invest funds:   (a) principally in high-quality venture capital funds managed by investment managers who have:   (i) made a commitment to equity investments in businesses located within the state; and     (ii) have committed to maintain a physical presence within the state;       (b) in private venture capital funds and not in direct investments in individual businesses; and     (c) in venture capital funds with experienced managers or management teams with demonstrated expertise and a successful history in the investment of venture capital funds.       (2)   (a) The Utah fund of funds shall give priority to investments in private seed and venture capital partnerships and entities that have demonstrated a commitment to the state as evidenced by:   (i) the investments they have made in Utah-based entities;     (ii) the correspondent relationships they have established with Utah-based venture capital funds; or     (iii) the commitment they have made to expand the reach of expertise within the state by adding additional investment areas of expertise.       (b) The manager of the Utah fund of funds may waive the priorities under Subsection (2)(a) only if necessary to achieve the targeted investment returns required to attract designated investors.       (3) The Utah fund of funds may invest funds in a newly created venture capital fund only if the managers or management team of the fund have the experience, expertise, and a successful history in the investment of venture capital funds as described in Subsection (1)(c).     (4)   (a) An investment or investments by the Utah fund of funds in any venture capital fund may comprise no more than 20% of the total committed capital in the venture capital fund.     (b)   (i) No more than 50% of the funds invested by the Utah fund of funds may be made with venture capital entities with offices in the state established prior to July 1, 2002.     (ii) The restriction under Subsection (4)(b)(i) shall remain in place until three additional venture capital entities open new offices in the state.        Renumbered and Amended by Chapter 283, 2015 General Session
UT Code § 63N-6-404 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 6 - Utah Venture Capital Enhancement Act|Part 4 - Utah Fund of Funds|Section 404 - Powers of Utah fund of funds.

 Effective 5/12/2015  63N-6-404. Powers of Utah fund of funds.    (1) The Utah fund of funds may:   (a) engage consultants and legal counsel;     (b) expend funds;     (c) invest funds;     (d) issue debt and borrow funds;     (e) enter into contracts;     (f) insure against loss;     (g) hire employees;     (h) issue equity interests to designated investors that have purchased equity interest certificates from the board; and     (i) perform any other act necessary to carry out its purposes.       (2)   (a) The Utah fund of funds shall engage a venture capital investment fund allocation manager.     (b) The compensation paid to the fund manager shall be in addition to the management fee paid to the corporation under Section 63N-6-305.       (3) The Utah fund of funds may:   (a) open and manage bank and short-term investment accounts as considered necessary by the venture capital investment fund allocation manager; and     (b) expend money to secure investment ratings for investments by designated investors in the Utah fund of funds.      Renumbered and Amended by Chapter 283, 2015 General Session
UT Code § 63N-6-405 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 6 - Utah Venture Capital Enhancement Act|Part 4 - Utah Fund of Funds|Section 405 - Annual audits.

 Effective 5/12/2015  63N-6-405. Annual audits.    (1) Each calendar year, an audit of the activities of the Utah fund of funds shall be made as described in this section.     (2)   (a) The audit shall be conducted by:   (i) the state auditor; or     (ii) an independent auditor engaged by the state auditor.       (b) An independent auditor used under Subsection (2)(a)(ii) must have no business, contractual, or other connection to:   (i) the corporation; or     (ii) the Utah fund of funds.         (3) The corporation shall pay the costs associated with the annual audit.     (4) The annual audit report shall:   (a) be delivered to:   (i) the corporation; and     (ii) the board;       (b) include a valuation of the assets owned by the Utah fund of funds as of the end of the reporting year;     (c) include an opinion regarding the accuracy of the information provided in the annual report described in Subsection 63N-6-301(6);     (d) include an opinion regarding the accuracy of the information that supports the economic development impact in the state of the Utah fund of funds as described in Subsections 63N-6-203(3)(b)(ii) and 63N-6-406(3); and     (e) be completed on or before September 1 for the previous calendar year so that it may be included in the annual report described in Subsection 63N-6-301(6).      Renumbered and Amended by Chapter 283, 2015 General SessionAmended by Chapter 420, 2015 General Session
UT Code § 63N-6-407 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 6 - Utah Venture Capital Enhancement Act|Part 4 - Utah Fund of Funds|Section 407 - Transfer and registration of certificates.

 Effective 5/12/2015  63N-6-407. Transfer and registration of certificates.    (1) A certificate and the related contingent tax credit may be transferred by the designated investor.     (2) The board, in conjunction with the State Tax Commission, shall develop:   (a) a system for registration of any certificate and related contingent tax credit issued or transferred under this part; and     (b) a system that permits verification that:   (i) any contingent tax credit claimed is valid; and     (ii) any transfers of the certificate and related contingent tax credit are made in accordance with the requirements of this part.         (3) A certificate or contingent tax credit issued or transferred under this part may not be considered a security under Title 61, Chapter 1, Utah Uniform Securities Act.    Renumbered and Amended by Chapter 283, 2015 General Session
UT Code § 63N-6-408 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 6 - Utah Venture Capital Enhancement Act|Part 4 - Utah Fund of Funds|Section 408 - Redemption of certificates.

 Effective 5/12/2015  63N-6-408. Redemption of certificates.    (1) If a designated investor elects to redeem a certificate, the certificate shall be presented to the board for redemption no later than June 30 of the calendar year maturity date stated on the certificate.     (2) Upon presentment to the board, it shall determine and certify the amount of the contingent tax credit that may be claimed by the designated investor based on:   (a) the limitations in Section 63N-6-406; and     (b) rules made by the board in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.       (3)   (a) If there are sufficient funds in the redemption reserve, the board shall direct the corporation to make a cash redemption of the certificate.     (b) If there are insufficient funds in the redemption reserve, the board may elect to redeem the certificate:   (i) by certifying a contingent tax credit to the designated investor; or     (ii) by making demand on designated purchasers to purchase certificates in accordance with Section 63N-6-409.         (4) The board shall certify to the State Tax Commission the contingent tax credit which can be claimed by the designated investor with respect to the redemption of the certificate.     (5) The board shall cancel all redeemed certificates.    Renumbered and Amended by Chapter 283, 2015 General Session
UT Code § 63N-6-409 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 6 - Utah Venture Capital Enhancement Act|Part 4 - Utah Fund of Funds|Section 409 - Use of commitments to redeem certificates.

 Effective 5/12/2015  63N-6-409. Use of commitments to redeem certificates.    (1) The board may elect to draw on a commitment to redeem a certificate from a designated investor.     (2) If the board makes an election under Subsection (1), it shall:   (a) inform the designated purchaser of the amount of the contingent tax credit that must be purchased from the board;     (b) specify the date on which the purchase must be consummated; and     (c) use the funds delivered to the board by the designated purchaser to redeem the certificate from the designated investor.       (3) The board has discretion in determining which commitment or commitments and what portion of those commitments to use to redeem certificates.     (4) The contingent tax credits acquired by a designated purchaser under this section are subject to Section 63N-6-406.    Renumbered and Amended by Chapter 283, 2015 General Session
UT Code § 63N-6-410 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 6 - Utah Venture Capital Enhancement Act|Part 4 - Utah Fund of Funds|Section 410 - Powers and effectiveness.

 Effective 5/12/2015  63N-6-410. Powers and effectiveness.    (1) This chapter may not be construed as a restriction or limitation upon any power which the board might otherwise have under any other law of this state and the provisions of this chapter are cumulative to those powers.     (2) This chapter shall be construed to provide a complete, additional, and alternative method for performing the duties authorized and shall be regarded as supplemental and additional powers to those conferred by any other laws.     (3) With respect to a debt-based private investment only, the provisions of any contract entered into by the board or the Utah fund of funds may not be compromised, diminished, invalidated, or affected by the:   (a) level, timing, or degree of success of the Utah fund of funds or the investment funds in which the Utah fund of funds invests; or     (b) extent to which the investment funds are:   (i) invested in Utah venture capital projects; or     (ii) successful in accomplishing any economic development objectives.        Renumbered and Amended by Chapter 283, 2015 General SessionAmended by Chapter 420, 2015 General Session
UT Code § 63N-6-411 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 6 - Utah Venture Capital Enhancement Act|Part 4 - Utah Fund of Funds|Section 411 - Permissible investments.

 Effective 5/12/2015  63N-6-411. Permissible investments.  Investments by designated investors in the Utah fund of funds are permissible investments under applicable laws of the state for:  (1) state-chartered banks;     (2) state-chartered credit unions;     (3) state-chartered industrial banks; and     (4) domestic insurance companies.    Renumbered and Amended by Chapter 283, 2015 General Session
UT Code § 63N-6-412 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 6 - Utah Venture Capital Enhancement Act|Part 4 - Utah Fund of Funds|Section 412 - Exemption from certain statutes.

 Effective 5/12/2015  63N-6-412. Exemption from certain statutes.    (1) Except as otherwise provided in this part, the corporation is exempt from statutes governing state agencies, as provided in Section 63E-2-109.     (2) The corporation is exempt from:   (a)Title 52, Chapter 4, Open and Public Meetings Act; and     (b)Title 63G, Chapter 2, Government Records Access and Management Act.       (3) The board is exempt from the requirement to report fund performance of venture firms and private equity firms set forth in Title 63G, Chapter 2, Government Records Access and Management Act.    Renumbered and Amended by Chapter 283, 2015 General Session
UT Code § 63N-7-101 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 7 - Tourism Development|Part 1 - Board of Tourism Development|Section 101 - Board of Tourism Development.

 Affected by 63I-1-263 on 7/1/2025  Effective 5/12/2015  63N-7-101. Board of Tourism Development.    (1) This chapter is known as "Tourism Development."     (2) There is created within the office the Board of Tourism Development.     (3) The board shall advise the office on the office's planning, policies, and strategies and on trends and opportunities for tourism development that may exist in the various areas of the state.     (4) The board shall perform other duties as required by Section 63N-7-103.    Renumbered and Amended by Chapter 283, 2015 General Session
UT Code § 63N-7-103 (2021)
2021 Utah Code|Title 63N - Economic Opportunity Act|Chapter 7 - Tourism Development|Part 1 - Board of Tourism Development|Section 103 - Board duties.

 Affected by 63I-1-263 on 7/1/2025  Effective 5/12/2020  63N-7-103. Board duties.    (1) The Board of Tourism Development:   (a) has authority to approve a tourism program of out-of-state advertising, marketing, and branding, taking into account the long-term strategic plan, economic trends, and opportunities for tourism development on a statewide basis, as a condition of the distribution of funds to the office from the:   (i) Tourism Marketing Performance Account created in Section 63N-7-301; and     (ii) Stay Another Day and Bounce Back Account, created in Section 63N-2-511;       (b) shall review office programs to coordinate and integrate advertising and branding themes, which may include recreational, scenic, historic, and tourist attractions of the state, to be used in office programs;     (c) shall encourage and assist in coordinating activities of persons, firms, associations, corporations, civic groups, and governmental agencies that are engaged in publicizing, developing, and promoting the scenic attractions and tourist advantages of the state; and     (d) shall advise the office in establishing a cooperative program using funds from the Tourism Marketing Performance Account created in Section 63N-7-301.       (2) The board may:   (a) solicit and accept contributions of money, services, and facilities from any other sources, public or private and shall use these funds for promoting the general interest of the state in tourism; and     (b) establish subcommittees for the purpose of assisting the board in an advisory role.       (3) The Board of Tourism Development may not, except as otherwise provided in Subsection (1)(a), make policy related to the management or operation of the office.    Amended by Chapter 154, 2020 General Session