Section 201 – Land Trusts Protection and Advocacy Office — State treasurer oversight and rulemaking — Advocacy office duties — Applicability of Government Access and Records Management Act.
Effective 5/5/2021 53D-2-201. Land Trusts Protection and Advocacy Office — State treasurer oversight and rulemaking — Advocacy office duties — Applicability of Government Access and Records Management Act. (1) There is created the Land Trusts Protection and Advocacy Office to represent the beneficiary interests of the school and institutional trust in advocating for: (a) distribution […]
Section 202 – Land Trusts Protection and Advocacy Committee — Duties — Governance.
Effective 7/1/2018 53D-2-202. Land Trusts Protection and Advocacy Committee — Duties — Governance. (1) There is created the Land Trusts Protection and Advocacy Committee to: (a) oversee the activities of the advocacy director and the advocacy office; (b) submit advocacy director candidate names to the state treasurer, as described in Section 53D-2-203; (c) determine the […]
Section 203 – Land Trusts Protection and Advocacy Office director — Appointment — Removal — Power and duties.
Effective 7/1/2018 53D-2-203. Land Trusts Protection and Advocacy Office director — Appointment — Removal — Power and duties. (1) (a) The advocacy committee shall: (i) discuss candidates who may qualify for appointment as the advocacy director, as described in Subsection (1)(b); (ii) determine the two most qualified candidates; and (iii) submit the names of those […]
Section 204 – Land Trusts Protection and Advocacy Account — Funding of advocacy office operations.
Effective 5/14/2019 53D-2-204. Land Trusts Protection and Advocacy Account — Funding of advocacy office operations. (1) As used in this section: (a) “Account” means the Land Trusts Protection and Advocacy Account created in this section. (b) “School and Institutional Trust Fund Office director” or “SITFO director” means the director of the School and Institutional Trust […]
Section 603 – Director authority, responsibilities, and duties.
Effective 7/1/2014 53D-1-603. Director authority, responsibilities, and duties. (1) (a) The director may delegate to an external agent the management of a portion of the trust fund money or assets, if the delegation is prudent under the circumstances and consistent with the purposes of the trust fund. (b) The director shall periodically review the actions […]
Section 604 – Compliance not determined by hindsight.
Effective 7/1/2014 53D-1-604. Compliance not determined by hindsight. Compliance with a provision of this part in making a decision or taking an action is determined in light of the facts and circumstances existing at the time a decision is made or an action is taken and not by hindsight. Enacted by Chapter 426, 2014 General […]
Section 701 – Petition for review of director or office decision or action — Hearing examiner — Decision — Judicial review.
Effective 7/1/2014 53D-1-701. Petition for review of director or office decision or action — Hearing examiner — Decision — Judicial review. (1) (a) Subject to Subsection (1)(b), a person aggrieved by a decision or action of the director or office may, in accordance with rules adopted by the board under Section 53D-1-702, petition the board […]
Section 702 – Board rules on petition for review of director or office decision or action.
Effective 7/1/2014 53D-1-702. Board rules on petition for review of director or office decision or action. (1) The board shall make rules, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, to govern proceedings on a petition under Section 53D-1-701. (2) Rules under Subsection (1) shall ensure procedural due process in proceedings relating […]
Section 503 – Process of nominating candidates for board membership.
Effective 7/1/2014 53D-1-503. Process of nominating candidates for board membership. (1) The nominating committee shall nominate at least two candidates for each position or vacancy on the board. (2) The nominating committee shall: (a) nominate candidates who meet the criteria stated in Subsection 53D-1-301(3); and (b) consider the character and reputation of candidates the nominating […]
Section 601 – General management and investment principles — Duty of person with special skills or expertise.
Effective 7/1/2014 53D-1-601. General management and investment principles — Duty of person with special skills or expertise. (1) Board members, the director, and office staff shall act in the best interests of the beneficiaries and comply with the duty of undivided loyalty to the beneficiaries. (2) A person who manages and invests trust fund money […]