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 501 – Nominating committee — Membership — Terms — Vacancies — Compensation.
Effective 7/1/2018 53D-1-501. Nominating committee — Membership — Terms — Vacancies — Compensation. (1) There is established a School and Institutional Trust Fund Nominating Committee. (2) The nominating committee consists of: (a) four members, appointed by the state treasurer upon recommendation by the advocacy office director, each of whom is a member of a respected […]
Section 502 – Chair and vice chair — Quorum and voting requirements — Bylaws — Staff.
Effective 7/1/2018 53D-1-502. Chair and vice chair — Quorum and voting requirements — Bylaws — Staff. (1) The nominating committee shall select a chair and vice chair from its members. (2) (a) Four members of the nominating committee constitute a quorum. (b) An action of the nominating committee requires the affirmative vote of at least […]
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 […]
Section 602 – Office authority, responsibilities, and duties.
Effective 7/1/2014 53D-1-602. Office authority, responsibilities, and duties. (1) In managing and investing trust fund money and assets, the office: (a) may incur only costs that are appropriate and reasonable in relation to the assets, the purposes of the trust fund, and the skills available to the office; and (b) shall make a reasonable effort […]
Section 304 – Board meetings — Closed meetings.
Effective 5/5/2021 53D-1-304. Board meetings — Closed meetings. (1) The board shall hold at least four meetings per year to conduct business. (2) The board chair or two board members: (a) may call a board meeting; and (b) if calling a board meeting, shall provide as much advance notice as is reasonable under the circumstances […]