53H-16-302. Board of directors -- Membership -- Limitations.

300 words·~1 min read·/ut/title-53h/chapter-16/53h-16-302

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 7/1/2026

(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:

(a)the executive director, appointed as described in Section 53H-16-304 ;

(b)the director of the Talent Ready Utah Program, described in Section 53H-13-303 ; and

(c)five individuals with relevant experience, whom the commissioner and the executive director jointly appoint.

(a)A member described in Subsection (2)(c) :

(i)shall serve a term of two years; and

(ii)may serve more than one term.

(b)The commissioner, jointly with the executive director, may remove a member from the institute board.

(c)If a vacancy occurs for a member described in Subsection (2)(c) , the commissioner, jointly with the executive director and the director of the Talent Ready Utah Program described in Section 53H-13-303 , shall appoint a replacement to serve the remainder of the member's term.

(4)The commissioner, jointly with the executive director, shall appoint the chair of the institute board.

(a)A majority of the members of the institute board constitutes a quorum of the institute board.

(b)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:

(a)is subject to any restrictions on conflicts of interest specified in the organizational documents of the institute;

(b)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

(c)may not receive compensation or benefits for the member's service.

Amended by Chapter 138 , 2026 General Session