Definitions.

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  • (1) "Asset" means property of all kinds, real and personal, tangible and intangible, and includes:
    • (a) cash, except reasonable compensation or salary for services rendered;
    • (b) stock or other investments;
    • (c) goodwill;
    • (d) real property;
    • (e) an ownership interest;
    • (f) a license;
    • (g) a cause of action; and
    • (h) any similar property.
  • (2) "Business interest" means:
    • (a) holding the position of trustee, director, officer, or other similar position with a business entity; or
    • (b) the ownership, either legally or equitably, of at least 10% of the outstanding shares of a corporation or 10% interest in any other business entity, being held by:
      • (i) an individual;
      • (ii) the individual's spouse;
      • (iii) a minor child of the individual; or
      • (iv) any combination of Subsections (2)(b)(i) through (iii).
  • (3) "Interested party" means a person that held or holds the position of trustee, director, officer, or other similar position with an independent entity within:
    • (a) five years prior to the date of an action described in Subsection (5); or
    • (b) during the privatization of an independent entity.
  • (4) "Lobbyist" is a person that provided or provides services as a lobbyist, as defined in Section 36-11-102 or 36-11a-102, within:
    • (a) five years prior to the date of an action described in Subsection (5); or
    • (b) during the privatization of an independent entity.
  • (5)
    • (a) "Privatized" means an action described in Subsection (5)(b) taken under circumstances in which the operations of the independent entity are continued by a successor entity that:
      • (i) is privately owned;
      • (ii) is unaffiliated to the state; and
      • (iii) receives any asset of the independent entity.
    • (b) An action referred to in Subsection (5)(a) includes:
      • (i) the repeal of the authorizing statute of an independent entity and the revision to state laws to terminate the relationship between the state and the independent entity;
      • (ii) the dissolution of the independent entity;
      • (iii) the merger or consolidation of the independent entity with another entity; or
      • (iv) the sale of all or substantially all of the assets of the independent entity.




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