Superseded 7/1/2026
182 words·~1 min read·
/ut/title-53d/chapter-1/7-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 7/1/2018
Superseded 7/1/2026
53D-1-401. Appointment of director -- Qualifications -- Nature of employment -- Removal by petition.
(1)The office shall be managed by a director.
(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 individual appointed as director possesses:
(a)outstanding professional qualifications pertinent to the prudent investment of trust fund money; and
(b)expertise in institutional investment management.
(4)The director is an at-will employee who may be removed by the board at any time with or without cause.
(a)The advocacy office director may submit a written petition to the board requesting the board to remove the director for cause, explained in the petition.
(b)The board shall hold a hearing on a petition under Subsection (5)(a) within 45 days after receiving the petition.
(c)If, after holding a hearing, the board finds by a preponderance of the evidence that there is cause for removing the director, the board shall remove the director.
Amended by Chapter 448 , 2018 General Session