63M-1-802 - Management fees.
63M-1-802. Management fees.
(1) All expenses incurred in establishing and maintaining shared foreign salescorporations shall be initially paid for by the office but shall be reimbursed to the office by theparticipants in each shared foreign sales corporation created under Section 63M-1-801 on a prorata basis determined by the office.
(2) The office may charge the participants management fees that are reasonable tomaintain and manage each of the shared foreign sales corporations.
(3) All money obtained by the office in excess of office expenditures in connection withthe management of shared foreign sales corporations may be used at the discretion of the officefor the office's other activities in promoting exporting.
(4) The fees collected and the expenditures made shall be reported to the Legislatureeach year.
Renumbered and Amended by Chapter 382, 2008 General Session