Utah Code § 53H-16-302
Board of directors -- Membership -- Limitations
Redline — January 1, 2025 → current.View current text →
Current — July 1, 2026
As of January 1, 2025
(1) The institute shall be governed by a board of directors which shall manage and conduct the business and affairs of the institute.
(1) The institute shall be governed by a board of directors which shall manage and conduct the business and affairs of the institute.
(2) The institute board shall consist of seven voting members as follows: (a) the executive director, appointed as described in Section 53H-16-304; (b) the director of the Talent Ready Utah Program, described in Section 53H-13-303; and (c) five individuals with relevant experience, jointly appointed by the commissioner, the executive director, and the director of the Talent Ready Utah Program described in Section 53H-13-303.
(2) The institute board shall consist of seven voting members as follows: (a) the executive director, appointed as described in Section 53H-16-304; (b) the director of the Talent Ready Utah Program, described in Section 53H-13-303; and (c) five individuals with relevant experience, whom the commissioner and the executive director jointly appoint.
(3) (a) A member described in Subsection (2)(c): (i) shall serve a term of two years; and (ii) may serve more than one term. (b) The commissioner, jointly with the executive director and the director of the Talent Ready Utah Program described in Section 53H-13-303, may remove a member from the institute board. (c) If a vacancy occurs for a member described in Subsection (2)(c), the commissioner, jointly with the executive director and the director of the Talent Ready Utah Program described in Section 53H-13-303, shall appoint a replacement to serve the remainder of the member's term.
(3) (a) A member described in Subsection (2)(c): (i) shall serve a term of two years; and (ii) may serve more than one term. (b) The commissioner, jointly with the executive director, may remove a member from the institute board. (c) If a vacancy occurs for a member described in Subsection (2)(c), the commissioner, jointly with the executive director and the director of the Talent Ready Utah Program described in Section 53H-13-303, shall appoint a replacement to serve the remainder of the member's term.
(4) The executive director shall serve as the chair of the institute board.
(4) The commissioner, jointly with the executive director, shall appoint the chair of the institute board.
(5)
(a) A majority of the members of the institute board constitutes a quorum of the institute board.
(b) The action by a majority of the members of a quorum constitutes the action of the institute board.
(5)
(a) A majority of the members of the institute board constitutes a quorum of the institute board.
(b) The action by a majority of the members of a quorum constitutes the action of the institute board.
(6) A member of the institute board: (a) is subject to any restrictions on conflicts of interest specified in the organizational documents of the institute; (b) may not influence a vote by the investment committee related to a qualified investment by the Utah innovation fund, if the member has an interest in the qualified investment; and (c) except for the executive director, may not receive compensation or benefits for the member's service.
(6) A member of the institute board: (a) is subject to any restrictions on conflicts of interest specified in the organizational documents of the institute; (b) may not influence a vote by the investment committee related to a qualified investment by the Nucleus Fund, if the member has an interest in the qualified investment; and (c) may not receive compensation or benefits for the member's service.
Official source: Utah State Legislature. Reproduced from public-domain Utah statutes; confirm against the official source for the current text. Not legal advice.