PocketLaw | Utah Code | Corporation Assets and Obligations

Corporation Assets and Obligations

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Corporation money -- Depositing and paying out -- Power to contract with holders of notes and bonds -- Money held in trust.

State pledge to holders of notes or bonds.

Notes, bonds, other obligations -- Not a debt liability -- Expenses payable from funds provided -- Corporation without authority to incur liability on behalf of state -- Relationship to Governmental Immunity Act of Utah.

Corporation property, notes, and bonds -- Tax exemption except corporate franchise tax.

Corporation notes, bonds, obligations -- Legal investments.

Annual report to governor and Legislature -- Contents -- Audits.

Act not restriction on powers of corporation -- Construed as alternative -- Bonds, notes, obligations issued need not comply with other laws.

Allocation to corporation of mortgage bonds qualified under Internal Revenue Code.

Allocation of qualified mortgage bonds to counties, cities, and towns.

Low-income housing tax credits.

Asset disposition upon dissolution of corporation.