As used in this part: (1) "Executive director" means the executive director of the institute appointed under Section 53H-16-304. (2) "Institute board" means the board of directors of the Nucleus Institute as described in Section 53H-16-302. (3) "Investment committee" means the investment committee of the Utah innovation fund created in Section 53H-16-403. (4) "Nucleus Institute" or "institute" means the Nucleus Institute created in Section 53H-16-202. (5) "Qualified business" means a business entity that: (a) is established to commercialize a technology, product, or service developed in partnership with a technology commercialization program at a public institution orprivate postsecondary educational institution in the state; and (b) maintains the business's principal business operations in the state. (6) "Qualified investment" means any distribution or payment of funds to a qualified business from the Utah innovation fund, including: (a) a direct investment of capital in a qualified business for the purchase of shares of stock; (b) a secured loan or revolving line of credit to a qualified business; or (c) a financial grant to a qualified business. (7) "Utah innovation fund" means a limited liability company organized under Section 53H-16-402. Renumbered and Amended by Chapter 8, 2025 Special Session 1
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