Utah Code Title 63N. Economic Opportunity Act § 63N-21-201. Creation of Utah Innovation Lab--Status and applicability of other law--Powers and purposes--Dissolution

(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-2-107, 63E-2-108, 63E-2-109, 63E-2-110, and 63E-2-111, but is not otherwise subject to or governed by Title 63E, Independent Entities Code.

(a) engage consultants and legal counsel;

(b) invest and expend funds;

(c) enter into contracts;

(d) insure against loss;

(e) receive private donations to be used by the Utah innovation fund for qualified investments;

(f) hire employees;

(g) charge a fee on assets under management in the Utah innovation fund to pay for reasonable and necessary costs of the innovation lab, including the costs of the annual audit required under Section 63N-21-402; and

(h) perform any other act necessary to carry out the purposes of the innovation lab.

(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.