63M-1-1205 - Board members -- Meetings -- Expenses. - Utah Statutes

63M-1-1205. Board members -- Meetings -- Expenses.
(1) (a) The board shall consist of five members.
(b) Of the five members:
(i) one shall be the state treasurer;
(ii) one shall be the director or the director's designee; and
(iii) three shall be appointed by the governor and confirmed by the Senate.
(c) The three members appointed by the governor shall serve four-year staggered termswith the initial terms of the first three members to be four years for one member, three years forone member, and two years for one member.
(2) When a vacancy occurs in the membership of the board for any reason, the vacancyshall be:
(a) filled in the same manner as the appointment of the original member; and
(b) for the unexpired term of the board member being replaced.
(3) Appointed members of the board may not serve more than two full consecutive termsexcept where the governor determines that an additional term is in the best interest of the state.
(4) Three members of the board constitute a quorum for conducting business andexercising board power, provided that a minimum of three affirmative votes is required for boardaction and at least one of the affirmative votes is cast by either the director or the director'sdesignee or the state treasurer.
(5) A member may not receive compensation or benefits for the member's service, butmay receive per diem and travel expenses in accordance with:
(a) Section 63A-3-106;
(b) Section 63A-3-107; and
(c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and63A-3-107.
(6) Members of the board shall be selected on the basis of demonstrated expertise andcompetence in:
(a) the supervision of investment managers;
(b) the fiduciary management of investment funds; or
(c) the management and administration of tax credit allocation programs.
(7) The board and its members are considered to be a governmental entity with all of therights, privileges, and immunities of a governmental entity of the state, including all of the rightsand benefits conferred under Title 63G, Chapter 7, Governmental Immunity Act of Utah.
(8) Meetings of the board, except to the extent necessary to protect the informationidentified in Subsection 63M-1-1224(3), are subject to Title 52, Chapter 4, Open and PublicMeetings Act.

Amended by Chapter 286, 2010 General Session