{"data":{"id":"us-ut/utah-code-53h-16-403","jurisdiction":"us-ut","citation":"Utah Code § 53H-16-403","heading":"Nucleus Fund investment committee.","body":"(1) The Nucleus Fund shall be governed by an investment committee.\n(2) The investment committee shall consist of five members appointed by the institute board.\n(3)\n(a) A member of the investment committee:\n(i) shall serve a term of two years; and\n(ii) may serve more than one term.\n(b) If a vacancy occurs for a member of the investment committee, the institute board shall appoint a replacement to serve the remainder of the member's term.\n(c) The commissioner may remove a member of the investment committee for cause.\n(4) The commissioner and executive director shall jointly appoint a chair of the investment committee.\n(5) The investment committee may appoint up to two additional nonvoting members to provide industry and technical expertise.\n(6) A member of the investment committee:\n(a) shall have significant experience in venture capital or entrepreneurship;\n(b) is subject to any restrictions on conflicts of interest specified in the organizational documents of the institute;\n(c) may not participate in 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\n(d) except as provided in Subsection (6)(b), may not receive compensation or benefits for the member's service.\n(7)\n(a) A majority of the members of the investment committee constitutes a quorum of the investment committee.\n(b) The action by a majority of the members of a quorum constitutes the action of the investment committee.","path":["Title 53H Higher Education","Chapter 53H-16 Nucleus Institute","Part 53H-16-4 Utah Innovation Fund"],"source_url":"https://le.utah.gov/xcode/Title53H/Chapter16/53H-16-S403.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"b0133dff366d1a3df31dd7608af060ae65048acb1c682148e049053cc00092af","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-53h-16-402","next":"us-ut/utah-code-53h-16-404"},"notice":"GroundRules: Original legal text. Not legal advice."}