2011 Utah Code
Title 51 Public Funds and Accounts
Chapter 7a Investment of Land Grant Trust Fund Money
Section 301 Investment advisory committee -- Creation.

51-7a-301. Investment advisory committee -- Creation.
(1) (a) There is created an investment advisory committee of seven members appointed as follows:
(i) one member appointed by the president of the University of Utah;
(ii) one member appointed by the president of Utah State University;
(iii) two members appointed by the state superintendent of public instruction;
(iv) one member appointed by the president of the Utah Education Association;
(v) one member appointed by the president of the Utah Parent Teachers Association; and
(vi) one member appointed by the Board of Trustees of the School and Institutional Trust Lands Administration.
(b) In making appointments, the appointing authority shall appoint candidates with experience in securities, investments, or banking, or other experience that would aid the committee in fulfilling its responsibilities.
(2) (a) (i) Except as required by Subsection (2)(a)(ii), as terms of current committee members expire, the appointing authority shall appoint each new member or reappointed member to a four-year term.
(ii) The appointing authority shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of committee members are staggered so that approximately half of the committee is appointed every two years.
(b) When a vacancy occurs in the membership for any reason, the replacement shall be appointed for the unexpired term.
(3) The investment advisory committee shall meet at least quarterly.
(4) The investment advisory committee shall elect a chair and vice chair.
(5) (a) A committee member shall disclose any conflict of interest to the board.
(b) If the conflict involves a direct, personal financial interest in either the subject under consideration or an entity or asset that could be substantially affected by the outcome of committee advice, the member may not vote on the matter.
(6) A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with:
(a) Section 63A-3-106;
(b) Section 63A-3-107; and
(c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.