2006 Utah Code - 61-1-18.5 — Securities Advisory Board established -- Appointment -- Duties -- Qualifications -- Terms -- Vacancies -- Meetings -- Conflicts of interest -- Expenses.

     61-1-18.5.   Securities Advisory Board established -- Appointment -- Duties -- Qualifications -- Terms -- Vacancies -- Meetings -- Conflicts of interest -- Expenses.
     (1) (a) There is hereby established a Securities Advisory Board.
     (b) Members of the board shall be appointed by the governor with the consent of the Senate.
     (c) The board shall have the following duties:
     (i) formulate and make recommendations to the director regarding policy and budgetary matters;
     (ii) submit recommendations regarding registration requirements and division rules;
     (iii) formulate and make recommendations to the director regarding the establishment of reasonable fees; and
     (iv) generally act in an advisory capacity to the director with respect to the exercise of his duties, powers, and responsibilities.
     (2) (a) The Securities Advisory Board shall be comprised of five members who shall be appointed in accordance with the following:
     (i) two members from the securities brokerage community who have at least five years prior experience in securities matters;
     (ii) one member from the securities section of the Utah Bar Association;
     (iii) one member who is an officer or director of a corporation not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934; and
     (iv) one member from the public at large who has no active participation in the securities business.
     (b) No member may serve more than two consecutive terms.
     (3) (a) Except as required by Subsection (3)(b), as terms of current board members expire, the governor shall appoint each new member or reappointed member to a four-year term.
     (b) Notwithstanding the requirements of Subsection (3)(a), the governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of commission members are staggered so that approximately half of the board is appointed every two years.
     (4) (a) When a vacancy occurs in the membership for any reason, the replacement shall be appointed for the unexpired term.
     (b) All members shall serve until their respective successors are appointed and qualified.
     (5) The board shall meet at least quarterly on a regular date to be fixed by the board and at such other times at the call of the director or any two members of the board. A majority of the board shall constitute a quorum for the transaction of business. Actions of the board shall require a vote of a majority of those present.
     (6) Each member of the board shall, by sworn and written statement filed with the Department of Commerce and the lieutenant governor, disclose any position of employment or ownership interest that the member has with respect to any entity or business subject to the jurisdiction of the division. This statement shall be filed upon appointment and must be appropriately amended whenever significant changes occur in matters covered by the statement.
     (7) (a) Members shall receive no compensation or benefits for their services, but may receive per diem and expenses incurred in the performance of the member's official duties at the rates established by the Division of Finance under Sections 63A-3-106 and 63A-3-107.
     (b) Members may decline to receive per diem and expenses for their service.

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Amended by Chapter 176, 2002 General Session