Utah § 79-4-703 - Terms of agreement.

Full text of Utah Utah Code § 79-4-703 — Terms of agreement., with citation guidance and answers to common questions.

§ 79-4-703. Terms of agreement.

79-4-703.  Terms of agreement.
     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.


Renumbered and Amended by Chapter 344, 2009 General Session

Source: official Utah text · Last verified 2026-08-27

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Frequently Asked Questions About Utah § 79-4-703

What does Utah Code § 79-4-703 cover?

Section 79-4-703 ("Terms of agreement.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Utah § 79-4-703?

A common citation format is "Utah Code § 79-4-703" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Utah law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.

How does Utah § 79-4-703 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.

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Not legal advice. Verify against the official source and consult a licensed attorney in Utah.