Utah Code § 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, whom the commissioner and the executive director jointly appoint.

(3)

(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, 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 commissioner, jointly with the executive director, shall appoint the chair of the institute board.

(5)

(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 Nucleus Fund, if the member has an interest in the qualified investment; and

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