Title 53D, Title 53D: School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office

53D-1-201. School and Institutional Trust Fund Office -- Status -- Duties. (1) There is created within state government the School and Institutional Trust Fund Office. (2) The office is an independent state agency within the executive branch and is not a division of any other exe…

53D-1-202. Access to office records and personnel. (1) The office shall provide board members and the advocacy office director access to all office records and personnel as necessary for board members and the advocacy office director to fulfill their responsibilities to ensure th…

53D-1-203. Funding of office operations. (1) As used in this section, "trust fund earnings" includes any of the following that is in excess of the trust fund corpus: realized or unrealized gains; interest; dividends; other income; or other sources of revenue. (2) There is created…

53D-1-301. Board of trustees -- Creation -- Membership. (1) There is created a School and Institutional Trust Fund Board of Trustees. (2) The board consists of: the state treasurer; and four additional members who are appointed by the state treasurer on a nonpartisan basis from a…

53D-1-302. Board chair and vice chair -- Quorum. (1) The state treasurer is the chair of the board. The chair shall faithfully represent the will of the board to the extent the board's will is consistent with state law. (2) The board shall annually select a vice chair from its me…

53D-1-303. Board authority and duties. (1) The board has broad policymaking authority over the office and the trust fund. (2) The board shall establish policies for the management of: the office, including: an investment management code of conduct and associated compliance policy…

53D-1-304. Board meetings -- Closed meetings. (1) The board shall hold at least four meetings per year to conduct business. (2) The board chair or two board members: may call a board meeting; and if calling a board meeting, shall provide as much advance notice as is reasonable un…

53D-1-401. Appointment of director -- Qualifications -- Nature of employment -- Removal by petition. (1) A director shall manage the office. (2) If there is a vacancy in the director position, the board shall appoint an individual as director. (3) The board shall ensure that an i…

53D-1-402. Director duties and responsibilities. (1) The director has broad authority to manage the office to fulfill its purposes, consistent with the enabling act, the Utah Constitution, state law, and board policies. (2) The director shall: before assuming the duties of direct…

53D-1-403. Reports. (1) At least annually, the director shall report in person to the Legislative Management Committee, the governor, and the advocacy office, concerning the office's investments, performance, estimated distributions, and other activities. (2) The director shall r…

53D-1-501. Nominating committee -- Membership -- Terms -- Vacancies -- Compensation. (1) There is established a School and Institutional Trust Fund Nominating Committee. (2) The seven-member nominating committee consists of: five members the state treasurer appoints upon recommen…

53D-1-502. Chair and vice chair -- Quorum and voting requirements -- Bylaws -- Staff. (1) The nominating committee shall select a chair and vice chair from its members. (2) Four members of the nominating committee constitute a quorum. An action of the nominating committee require…

53D-1-503. Process of nominating candidates for board membership. (1) The nominating committee shall nominate at least two candidates for each position or vacancy on the board. (2) The nominating committee shall: nominate candidates who meet the criteria stated in Subsection; and…

53D-1-601. General management and investment principles -- Duty of person with special skills or expertise. (1) Board members, the director, and office staff shall act in the best interests of the beneficiaries and comply with the duty of undivided loyalty to the beneficiaries. (…

53D-1-602. Office authority, responsibilities, and duties. (1) In managing and investing trust fund money and assets, the office: may incur only costs that are appropriate and reasonable in relation to the assets, the purposes of the trust fund, and the skills available to the of…

53D-1-603. Director authority, responsibilities, and duties. (1) The director may delegate to an external agent the management of a portion of the trust fund money or assets, if the delegation is prudent under the circumstances and consistent with the purposes of the trust fund. …

53D-1-604. Compliance not determined by hindsight. Compliance with a provision of this part in making a decision or taking an action is determined in light of the facts and circumstances existing at the time a decision is made or an action is taken and not by hindsight.

53D-1-701. Petition for review of director or office decision or action -- Hearing examiner -- Decision -- Judicial review. (1) Subject to Subsection, a person aggrieved by a decision or action of the director or office may, in accordance with rules adopted by the board under Sec…

53D-1-702. Board rules on petition for review of director or office decision or action. (1) The board shall make rules, in accordance with, to govern proceedings on a petition under Section. Title 63G, Chapter 3, Utah Administrative Rulemaking Act 53D-1-701 (2) Rules under Subsec…