UTAH CODE (Last Updated: January 16, 2015) |
Title 61. Securities Division - Real Estate Division |
Chapter 6. Control Shares Acquisitions Act |
§ 61-6-2. "Control shares" defined.
Latest version.
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(2) Shares entitling a person, immediately after acquisition of the shares (directly or indirectly, including pursuant to a revocable proxy or as part of a group), to exercise or direct the exercise of less than 1/5 of all voting power of the issuing public corporation in the election of directors shall not be control shares, even if acquired in a control share acquisition. Shares cease to be control shares upon their transfer to a person who is not an affiliate of the transferor or an affiliate or member of a group with which the applicable control share acquisition was made, except to the extent the shares become control shares as a result of their acquisition by the transferee.
Amended by Chapter 106, 2000 General Session