53H-16-302. Board of directors -- Membership -- Limitations.
(1) The institute shall be governed by a board of directors which shall manage and conduct the business and affairs of the institute.
(2) The institute board shall consist of seven voting members as follows: the executive director, appointed as described in Section; 53H-16-304 the director of the Talent Ready Utah Program, described in Section; and 53H-13-303 five individuals with relevant experience, whom the commissioner and the executive director jointly appoint.
(3) A member described in Subsection: (2)(c) shall serve a term of two years; and may serve more than one term. The commissioner, jointly with the executive director, may remove a member from the institute board. If a vacancy occurs for a member described in Subsection, the commissioner, jointly with the executive director and the director of the Talent Ready Utah Program described in Section, shall appoint a replacement to serve the remainder of the member's term. (2)(c) 53H-13-303
(4) The commissioner, jointly with the executive director, shall appoint the chair of the institute board.
(5) A majority of the members of the institute board constitutes a quorum of the institute board. The action by a majority of the members of a quorum constitutes the action of the institute board.
(6) A member of the institute board: is subject to any restrictions on conflicts of interest specified in the organizational documents of the institute; may not influence a vote by the investment committee related to a qualified investment by the Nucleus Fund, if the member has an interest in the qualified investment; and may not receive compensation or benefits for the member's service.