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First Substitute S.B. 35

Senator David L. Thomas proposes the following substitute bill:




Sponsor: David L. Thomas

             6      LONG TITLE
             7      General Description:
             8          This bill clarifies relationships between higher education institutions and venture
             9      capital entities.
             10      Highlighted Provisions:
             11          This bill:
             12          .    provides that a state institution of higher education may enter into a business
             13      relationship or dealing with a private seed or venture capital partnership or entity;
             14      and
             15          .    provides that the business relationship or dealing does not preclude the private
             16      entity or partnership from receiving benefits from a venture capital program
             17      authorized or sanctioned by state law.
             18      Monies Appropriated in this Bill:
             19          None
             20      Other Special Clauses:
             21          None
             22      Utah Code Sections Affected:
             23      AMENDS:
             24          53B-2-101, as last amended by Chapter 7, Laws of Utah 2000

             26      Be it enacted by the Legislature of the state of Utah:
             27          Section 1. Section 53B-2-101 is amended to read:
             28           53B-2-101. Institutions of higher education -- Corporate bodies -- Powers.
             29          (1) The following institutions of higher education are bodies politic and corporate with
             30      perpetual succession and with all rights, immunities, and franchises necessary to function as
             31      such:
             32          (a) the University of Utah;
             33          (b) Utah State University;
             34          (c) Weber State University;
             35          (d) Southern Utah University;
             36          (e) Snow College;
             37          (f) Dixie State College of Utah;
             38          (g) the College of Eastern Utah;
             39          (h) Utah Valley State College; and
             40          (i) Salt Lake Community College.
             41          (2) (a) Each institution may have and use a corporate seal and may, subject to Section
             42      53B-20-103 , take, hold, lease, sell, and convey real and personal property as the interest of the
             43      institution requires.
             44          (b) Each institution is vested with all the property, franchises, and endowments of, and
             45      is subject to, all the contracts, obligations, and liabilities of its respective predecessor.
             46          (c) (i) Each institution may enter into business relationships or dealings with private
             47      seed or venture capital entities or partnerships consistent with Utah Constitution Article VI,
             48      Section 29, Subsection (2).
             49          (ii) A business dealing or relationship entered into under Subsection (c)(i) does not
             50      preclude the private entity or partnership from participating in or receiving benefits from a
             51      venture capital program authorized or sanctioned by the laws of this state, unless otherwise
             52      precluded by the specific law that authorizes or sanctions the program.


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