53H-16-202. Creation of Nucleus Institute -- Status and applicability of other law -- Powers and purposes.
(1) There is created the Nucleus Institute.
(2) The institute is: an independent, nonprofit, quasi-public corporation as defined in Section; and 63E-1-102 subject to and governed by Sections,,, and, but is not otherwise subject to or governed by. 63E-2-106 63E-2-108 63E-2-110 63E-2-111 Title 63E, Independent Entities Code
(3) The institute and the Nucleus Fund are not subject to: Title, Open and Public Meetings Act; or 52, Chapter 4 Title, Government Records Access and Management Act. 63G, Chapter 2
(4) In accordance with Subsection, in coordination with the board and the commissioner, the institute shall promote efficiency and support of the Utah System of Higher Education on commercialization efforts as provided in this chapter. 53H-1-203(2)(p)(i)
(5) The institute shall: organize and administer the Nucleus Fund; coordinate and support innovation districts that have a connection with higher education; and oversee and manage the development, programming, and operations of a facility on point of the mountain state land, as that term is defined in Section, that provides collaborative co-working space, classrooms, offices for institutions of higher education, public education opportunities, and retail space; and 11-59-102 support state- and corporate-sponsored research to help develop solutions for state initiatives and commercialization opportunities.
(6) The institute may: engage consultants and legal counsel; invest and expend funds; apply for grants; enter into contracts; insure against loss; receive private donations; hire employees; sue and be sued in the institute's own name; and perform any other act necessary to carry out the purposes of the institute.
(7) The institute may not: issue debt or borrow funds; exercise governmental functions; have members; or pledge the credit or taxing power of the state or any political subdivision of the state.