and purposes. (1) There is created the Nucleus Institute. (2) The institute is: (a) an independent, nonprofit, quasi-public corporation as defined in Section 63E-1-102; and (b) subject to and governed by Sections 63E-2-106, 63E-2-108, 63E-2-110, and 63E-2-111, but is not otherwise subject to or governed by Title 63E, Independent Entities Code. (3) The institute and the Nucleus Fund are not subject to: (a) Title 52, Chapter 4, Open and Public Meetings Act; or (b) Title 63G, Chapter 2, Government Records Access and Management Act. (4) In accordance with Subsection 53H-1-203(2)(p)(i), in coordination with the board and the commissioner, the institute shall promote efficiency and support of the Utah System of Higher Education on commercialization efforts as provided in this chapter. (5) The institute shall: (a) organize and administer the Nucleus Fund; (b) (i) coordinate and support innovation districts that have a connection with higher education; and (ii) oversee and manage the development, programming, and operations of a facility on point of the mountain state land, as that term is defined in Section 11-59-102, that provides collaborative co-working space, classrooms, offices for institutions of higher education, public education opportunities, and retail space; and (c) support state- and corporate-sponsored research to help develop solutions for state initiatives and commercialization opportunities. (6) The institute may: (a) engage consultants and legal counsel; (b) invest and expend funds; (c) apply for grants; (d) enter into contracts; (e) insure against loss; (f) receive private donations; (g) hire employees; (h) sue and be sued in the institute's own name; and (i) perform any other act necessary to carry out the purposes of the institute. (7) The institute may not: (a) issue debt or borrow funds; (b) exercise governmental functions; (c) have members; or (d) pledge the credit or taxing power of the state or any political subdivision of the state.
‹ Prev All Utah sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.