Utah Code § 53D-1-401
Appointment of director -- Qualifications -- Nature of employment -- Removal by petition
Redline — January 1, 2025 → current.View current text →
Current — July 1, 2026
As of January 1, 2025
(1) The office shall be managed by a director.
(1) A director shall manage the office.
(2) If there is a vacancy in the director position, the board shall appoint an individual as director.
(2) If there is a vacancy in the director position, the board shall appoint an individual as director.
(3) The board shall ensure that an individual appointed as director possesses:
(a) outstanding professional qualifications pertinent to the prudent investment of trust fund money; and
(b) expertise in institutional investment management.
(3) The board shall ensure that an individual appointed as director possesses:
(a) outstanding professional qualifications pertinent to the prudent investment of trust fund money; and
(b) expertise in institutional investment management.
(4) The director is an at-will employee who may be removed by the board at any time with or without cause.
(4) The director is an at-will employee who the board may remove at any time with or without cause.
(5)
(a) The advocacy office director may submit a written petition to the board requesting the board to remove the director for cause, explained in the petition.
(b) The board shall hold a hearing on a petition under Subsection (5)(a) within 45 days after receiving the petition.
(c) If, after holding a hearing, the board finds by a preponderance of the evidence that there is cause for removing the director, the board shall remove the director.
(5) The state treasurer, as board chair, may consult about the appointment of the director with the chair of the School and Institutional Trust Beneficiaries' Advocacy Council, pursuant to Subsection 53D-2-303(4)(b).
Official source: Utah State Legislature. Reproduced from public-domain Utah statutes; confirm against the official source for the current text. Not legal advice.