53H-16-403. Nucleus Fund investment committee.

258 words·~1 min read·/ut/title-53h/chapter-16/53h-16-403

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

Effective 7/1/2026

(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.

(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.

(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.

Amended by Chapter 138 , 2026 General Session