63N-6-401. Organization of Utah fund of funds.
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Effective 5/4/2022
63N-6-401. Organization of Utah fund of funds.
(1)The corporation shall organize, and be the sole member and manager of, the Utah fund of funds.
(2)The Utah fund of funds shall hold and manage investments made by the Utah fund of funds and proceeds from those investments until disbursed to the restricted account or used to pay the fees and expenses described in this chapter.
(3)The Utah fund of funds shall be organized as a limited liability company, with the corporation as the sole member and manager.
(4)The Utah fund of funds may not invest money after May 4, 2022, unless the Utah fund of funds committed to the investment before May 4, 2022.
(5)The corporation may disburse proceeds of investments from the Utah fund of funds into the restricted account at any time the corporation determines is in the best interest of the state, leaving sufficient funds to pay expenses and fees owed by, or needed to wind up the affairs of, the corporation or the Utah fund of funds.
(6)The state treasurer shall notify the Executive Appropriations Committee when all investments held by the Utah fund of funds mature and the state treasurer determines it is advisable to complete winding up the affairs of the corporation.
Amended by Chapter 298 , 2022 General Session