53B-2-101 - Institutions of higher education -- Corporate bodies -- Powers.
53B-2-101. Institutions of higher education -- Corporate bodies -- Powers.
(1) The following institutions of higher education are bodies politic and corporate withperpetual succession and with all rights, immunities, and franchises necessary to function assuch:
(a) the University of Utah;
(b) Utah State University;
(c) Weber State University;
(d) Southern Utah University;
(e) Snow College;
(f) Dixie State College of Utah;
(g) Utah Valley University;
(h) Salt Lake Community College; and
(i) the Utah College of Applied Technology.
(2) (a) Each institution may have and use a corporate seal and may, subject to Section53B-20-103, take, hold, lease, sell, and convey real and personal property as the interest of theinstitution requires.
(b) Each institution is vested with all the property, franchises, and endowments of, and issubject to, all the contracts, obligations, and liabilities of its respective predecessor.
(c) (i) Each institution may enter into business relationships or dealings with private seedor venture capital entities or partnerships consistent with Utah Constitution Article VI, Section29, Subsection (2).
(ii) A business dealing or relationship entered into under Subsection (2)(c)(i) does notpreclude the private entity or partnership from participating in or receiving benefits from aventure capital program authorized or sanctioned by the laws of this state, unless otherwiseprecluded by the specific law that authorizes or sanctions the program.
(iii) Subsections (2)(c)(i) and (ii) also apply to the Utah College of Applied Technologycreated in Title 53B, Chapter 2a, Utah College of Applied Technology.
Amended by Chapter 211, 2010 General Session