53H-16-403. Nucleus Fund investment committee.
(1) The Nucleus Fund shall be governed by an investment committee.
(2) The investment committee shall consist of five members appointed by the institute board.
(3) A member of the investment committee: shall serve a term of two years; and may serve more than one term. If a vacancy occurs for a member of the investment committee, the institute board shall appoint a replacement to serve the remainder of the member's term. The commissioner may remove a member of the investment committee for cause.
(4) The commissioner and executive director shall jointly appoint a chair of the investment committee.
(5) The investment committee may appoint up to two additional nonvoting members to provide industry and technical expertise.
(6) A member of the investment committee: shall have significant experience in venture capital or entrepreneurship; is subject to any restrictions on conflicts of interest specified in the organizational documents of the institute; may not participate in 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 except as provided in Subsection, may not receive compensation or benefits for the member's service. (6)(b)
(7) A majority of the members of the investment committee constitutes a quorum of the investment committee. The action by a majority of the members of a quorum constitutes the action of the investment committee.