2006 Utah Code - 13-29-9 — Transfer of endowment funds.

     13-29-9.   Transfer of endowment funds.
     (1) A higher education institution may only transfer the management of any endowment fund to a manager if the transferring higher education institution:
     (a) retains sufficient funds to cover its cash requirements; and
     (b) continues to be responsible for the proper collection, deposit, and disbursement of the endowment fund in the manner provided by law.
     (2) The endowment funds transferred as provided in this section are subject to all applicable provisions of this chapter and are under the jurisdiction of the manager until the transferring higher education institution withdraws these endowment funds from the manager.
     (3) A higher education institution may withdraw all or any part of the endowment funds transferred to the manager, subject to any rules established by the manager governing notice or limits on the amount of endowment funds that may be withdrawn.

Enacted by Chapter 178, 2005 General Session