(1) The nominating committee shall nominate at least two candidates for each position or vacancy on the board.
(2) The nominating committee shall:
(a) nominate candidates who meet the criteria stated in Subsection 53D-1-301(3); and
(b) consider the character and reputation of candidates the nominating committee nominates.
(3) If the state treasurer considers the candidates nominated under Subsection (1) to be unacceptable, the state treasurer may request the nominating committee to nominate at least two other candidates per appointment.
(4) As many times as the state treasurer considers candidates nominated by the nominating committee to be unacceptable under Subsection (3), the nominating committee shall follow the process described in Subsections (1) and (2) until the state treasurer appoints a candidate.