2006 Utah Code - 63-11-3.3 — Terms of agreement.

     63-11-3.3.   Terms of agreement.
     Any agreement made pursuant to Section 63-11-3.2 shall include the following terms:
     (1) The foundation shall transfer to the state:
     (a) title to any real property acquired by the foundation, upon completion of payment, if any, for the property by the foundation; and
     (b) ownership of any artifacts or collections acquired by the foundation.
     (2) No fee may be charged to visit the monument.
     (3) (a) Except as provided in Subsections (3)(b) and (3)(c), a board member may receive no compensation or financial benefit, directly or indirectly, as a result of the member's service on the board.
     (b) A board member may receive per diem and expenses incurred in the performance of the board member's duties at the rates established by the board.
     (c) A board member may deal or contract with the foundation, provided that:
     (i) no person or entity is paid any fee, salary, rent, or other payment of any kind in excess of the fair market value for the service rendered, goods furnished, or facilities or equipment rented; and
     (ii) at a meeting of the board or subcommittee of the board having authority to authorize or confirm the contract or transaction:
     (A) a quorum of the board or subcommittee is present;
     (B) the interest of the board member is disclosed;
     (C) a majority of the quorum votes to approve the contract or transaction; and
     (D) in determining a majority under Subsection (3)(c)(ii)(C), the vote of any board member having an interest in the contract or transaction is not counted.
     (4) The foundation shall obtain an annual audit prepared by an independent public accounting firm. The audit shall be prepared in accordance with generally accepted accounting standards.

Enacted by Chapter 225, 1998 General Session