63M-1-1216 - Powers of Utah fund of funds. - Utah Statutes

63M-1-1216. Powers of Utah fund of funds.
(1) The Utah fund of funds may:
(a) engage consultants and legal counsel;
(b) expend funds;
(c) invest funds;
(d) issue debt and borrow funds;
(e) enter into contracts;
(f) insure against loss;
(g) hire employees;
(h) issue equity interests to designated investors that have purchased equity interestcertificates from the board; and
(i) perform any other act necessary to carry out its purposes.
(2) (a) The Utah fund of funds shall engage a venture capital investment fund allocationmanager.
(b) The compensation paid to the fund manager shall be in addition to the managementfee paid to the corporation under Section 63M-1-1211.
(3) The Utah fund of funds may:
(a) open and manage bank and short-term investment accounts as considered necessaryby the venture capital investment fund allocation manager; and
(b) expend money to secure investment ratings for investments by designated investors inthe Utah fund of funds.

Amended by Chapter 18, 2008 General Session
Renumbered and Amended by Chapter 382, 2008 General Session