Superseded 7/1/2026

335 words·~2 min read·/ut/title-53h/chapter-16/7-3

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

Effective 10/14/2025

Superseded 7/1/2026

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

(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, jointly appointed by the commissioner, the executive director, and the director of the Talent Ready Utah Program described in Section 53H-13-303 .

(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 and the director of the Talent Ready Utah Program described in Section 53H-13-303 , 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 executive director shall serve as 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 Utah innovation fund, if the member has an interest in the qualified investment; and

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

Renumbered and Amended by Chapter 8 , 2025 Special Session 1