{"data":{"id":"us-ut/utah-code-63e-1-401","jurisdiction":"us-ut","citation":"Utah Code § 63E-1-401","heading":"Definitions.","body":"As used in this part:\n(1) \"Asset\" means property of all kinds, real and personal, tangible and intangible, and includes:\n(a) cash, except reasonable compensation or salary for services rendered;\n(b) stock or other investments;\n(c) goodwill;\n(d) real property;\n(e) an ownership interest;\n(f) a license;\n(g) a cause of action; and\n(h) any similar property.\n(2) \"Business interest\" means:\n(a) holding the position of trustee, director, officer, or other similar position with a business entity; or\n(b) the ownership, either legally or equitably, of at least 10% of the outstanding shares of a corporation or 10% interest in any other business entity, being held by:\n(i) an individual;\n(ii) the individual's spouse;\n(iii) a minor child of the individual; or\n(iv) any combination of Subsections (2)(b)(i) through (iii).\n(3) \"Interested party\" means a person that held or holds the position of trustee, director, officer, or other similar position with an independent entity within:\n(a) five years prior to the date of an action described in Subsection (5); or\n(b) during the privatization of an independent entity.\n(4) \"Lobbyist\" is a person that provided or provides services as a lobbyist, as defined in Section 36-11-102, within:\n(a) five years prior to the date of an action described in Subsection (5); or\n(b) during the privatization of an independent entity.\n(5)\n(a) \"Privatized\" means an action described in Subsection (5)(b) taken under circumstances in which the operations of the independent entity are continued by a successor entity that:\n(i) is privately owned;\n(ii) is unaffiliated to the state; and\n(iii) receives any asset of the independent entity.\n(b) An action referred to in Subsection (5)(a) includes:\n(i) the repeal of the authorizing statute of an independent entity and the revision to state laws to terminate the relationship between the state and the independent entity;\n(ii) the dissolution of the independent entity;\n(iii) the merger or consolidation of the independent entity with another entity; or\n(iv) the sale of all or substantially all of the assets of the independent entity.","path":["Title 63E Independent Entities Code","Chapter 63E-1 Independent Entities Act","Part 63E-1-4 Privatization of Independent Entities"],"source_url":"https://le.utah.gov/xcode/Title63E/Chapter1/63E-1-S401.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"1bde43845dfbfbafe81702053f4e3a0677cb316865b14eba5c6db421fb29dc13","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-63e-1-304","next":"us-ut/utah-code-63e-1-402"},"notice":"GroundRules: Original legal text. Not legal advice."}