(1) The corporation's board of directors comprises the state treasurer and two individuals designated by the state treasurer.
(2) Two members of the board are a quorum for the transaction of business.
(3) Members of the board of directors:
(a) are subject to any restrictions on conflicts of interest specified in the organizational documents of the corporation; and
(b) may not participate in a vote by the board of directors related to an investment by the Utah fund of funds, if the member has an interest in the investment.
(4) Directors of the corporation:
(a) shall be compensated for direct expenses and mileage; and
(b) may not receive a director's fee or salary for service as directors.