2006 Utah Code - 63-38f-1205 — Board members -- Meetings -- Expenses.

     63-38f-1205.   Board members -- Meetings -- Expenses.
     (1) (a) The board shall consist of five members.
     (b) Of the five members:
     (i) one shall be the state treasurer;
     (ii) one shall be the director or the director's designee; and
     (iii) three shall be appointed by the governor and confirmed by the Senate.
     (c) The three members appointed by the governor shall serve four-year staggered terms with the initial terms of the first three members to be four years for one member, three years for one member, and two years for one member.
     (2) When a vacancy occurs in the membership of the board for any reason, the vacancy shall be:
     (a) filled in the same manner as the appointment of the original member; and
     (b) for the unexpired term of the board member being replaced.
     (3) Appointed members of the board may not serve more than two full consecutive terms except where the governor determines that an additional term is in the best interest of the state.
     (4) Three members of the board constitute a quorum for conducting business and exercising board power, provided that a minimum of three affirmative votes is required for board action and at least one of the affirmative votes is cast by either the director or the director's designee or the state treasurer.
     (5) (a) Members of the board may not receive compensation or benefits for their services, but may receive per diem and expenses incurred in the performance of the members' official duties at rates established by the Division of Finance under Sections 63A-3-106 and 63A-3-107.
     (b) Members of the board may decline to receive per diem and expenses for their services.
     (6) Members of the board shall be selected on the basis of demonstrated expertise and competence in:
     (a) the supervision of investment managers;
     (b) the fiduciary management of investment funds; or
     (c) the management and administration of tax credit allocation programs.
     (7) The board and its members are considered to be a governmental entity with all of the rights, privileges, and immunities of a governmental entity of the state, including all of the rights and benefits conferred under Title 63, Chapter 30d, Governmental Immunity Act of Utah.
     (8) Meetings of the board, except to the extent necessary to protect confidential information with respect to investments in the Utah fund of funds, are subject to Title 52, Chapter 4, Open and Public Meetings Act.

Amended by Chapter 14, 2006 General Session