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) A member of the investment committee:
(i) shall serve a term of two years; and
(ii) may serve more than one term.
(b) 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.
(c) 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:
(a) shall have significant experience in venture capital or entrepreneurship;
(b) is subject to any restrictions on conflicts of interest specified in the organizational documents of the institute;
(c) 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
(d) except as provided in Subsection (6)(b), may not receive compensation or benefits for the member's service.
(7)(a) A majority of the members of the investment committee constitutes a quorum of the investment committee.
(b) The action by a majority of the members of a quorum constitutes the action of the investment committee.