1. (1) There is created the Nucleus Institute.

2. (2) The institute is:

   1. (a) an independent, nonprofit, quasi-public corporation as defined in Section 63E-1-102; and
   2. (b) subject to and governed by Sections 63E-2-106, 63E-2-108, 63E-2-110, and 63E-2-111, but is not otherwise subject to or governed by Title 63E, Independent Entities Code.

3. (3) The institute and the Utah innovation fund are not subject to:

   1. (a) Title 52, Chapter 4, Open and Public Meetings Act; or
   2. (b) Title 63G, Chapter 2, Government Records Access and Management Act.
4. (4) Pursuant to Subsection 53H-1-203(2)(p)(i), 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.

5. (5) The institute shall:

   1. (a) organize and administer the Utah innovation fund; and
   2. (b) coordinate and support innovation districts that have a connection with higher education.

6. (6) The institute may:

   1. (a) engage consultants and legal counsel;
   2. (b) invest and expend funds;
   3. (c) apply for grants;
   4. (d) enter into contracts;
   5. (e) insure against loss;
   6. (f) receive private donations;
   7. (g) hire employees;
   8. (h) sue and be sued in the institute's own name; and
   9. (i) perform any other act necessary to carry out the purposes of the institute.

7. (7) The institute may not:

   1. (a) issue debt or borrow funds;
   2. (b) exercise governmental functions;
   3. (c) have members; or
   4. (d) pledge the credit or taxing power of the state or any political subdivision of the state.

Renumbered and Amended by Chapter 8, 2025 Special Session 1