§ 53D-1-102. Definitions. (Effective 7/1/2014)

(1) "Account" means the School and Institutional Trust Fund Management Account, created in Section 53D-1-203.

(2) "Beneficiaries":

(a) means those for whose benefit the trust fund is managed and preserved, consistent with the enabling act, the Utah Constitution, and state law; and

(b) does not include other government institutions or agencies, the public at large, or the general welfare of the state.

(3) "Board" means the board of trustees established in Section 53D-1-301.

(4) "Director" means the director of the office.

(5) "Enabling act" means the act of Congress, dated July 16, 1894, enabling the people of Utah to form a constitution and state government and to be admitted into the Union.

(6) "Nominating committee" means the committee established under Section 53D-1-501.

(7) "Office" means the School and Institutional Trust Fund Office, created in Section 53D-1-201.

(8) "School children's trust section" means the School Children's Trust Section within the State Office of Education, established in Section 53A-16-101.6.

(9) "Trust fund" means money derived from:

(a) the sale or use of land granted to the state under Sections 6, 8, and 12 of the enabling act;

(b) proceeds referred to in Section 9 of the enabling act from the sale of public land; and

(c) revenue and assets referred to in Utah Constitution, Article X, Section 5, Subsections (1)(c), (e), and (f).

Enacted by Chapter 426, 2014 General Session