Skip to main content
Find a Lawyer

Utah Code Title 79. Natural Resources § 79-4-703. Terms of agreement

Current as of January 01, 2025 | Updated by Findlaw Staff

Any agreement made pursuant to Section 79-4-702 shall include the following terms:

(1) The foundation shall transfer to the state:

(a) title to any real property acquired by the foundation, upon completion of payment, if any, for the property by the foundation; and

(b) ownership of any artifacts or collections acquired by the foundation.

(2) No fee may be charged to visit the monument.

(3)(a) Except as provided in Subsections (3)(b) and (3)(c), a member may not receive compensation or financial benefit, directly or indirectly, as a result of the member's service on the board of trustees.

(b) A member may receive per diem and expenses incurred in the performance of the member's duties at the rates established by the board of trustees.

(c) A member may deal or contract with the foundation, provided that:

(i) no person or entity is paid any fee, salary, rent, or other payment of any kind in excess of the fair market value for the service rendered, goods furnished, or facilities or equipment rented; and

(ii) at a meeting of the board of trustees or subcommittee of the board of trustees having authority to authorize or confirm the contract or transaction:

(A) a quorum of the board of trustees or subcommittee is present;

(B) the interest of the member is disclosed;

(C) a majority of the quorum votes to approve the contract or transaction; and

(D) in determining a majority under Subsection (3)(c)(ii)(C), the vote of any member having an interest in the contract or transaction is not counted.

(4) The foundation shall obtain an annual audit prepared:

(a) by an independent public accounting firm; and

(b) in accordance with generally accepted accounting standards.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Utah Code Title 79. Natural Resources § 79-4-703. Terms of agreement - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-79-natural-resources/ut-code-sect-79-4-703/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard