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 303 – Board authority and duties.
Effective 5/8/2018 53D-1-303. Board authority and duties. (1) The board has broad policymaking authority over the office and the trust fund. (2) (a) The board shall establish policies for the management of: (i) the office, including: (A) an investment management code of conduct and associated compliance policy; (B) a policy for the strategic allocation of […]
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 […]
Section 401 – Appointment of director — Qualifications — Nature of employment — Removal by petition.
Effective 7/1/2018 53D-1-401. Appointment of director — Qualifications — Nature of employment — Removal by petition. (1) The office shall be managed by a director. (2) If there is a vacancy in the director position, the board shall appoint an individual as director. (3) The board shall ensure that an individual appointed as director possesses: […]
Section 402 – Director duties and responsibilities.
Effective 7/1/2018 53D-1-402. Director duties and responsibilities. (1) The director has broad authority to manage the office to fulfill its purposes, consistent with the enabling act, the Utah Constitution, state law, and board policies. (2) The director shall: (a) before assuming the duties of director, take an oath that includes the following: “I solemnly swear […]
Section 403 – Reports.
Effective 7/1/2018 53D-1-403. Reports. (1) At least annually, the director shall report in person to the Legislative Management Committee, the governor, and the advocacy office, concerning the office’s investments, performance, estimated distributions, and other activities. (2) The director shall report to the board concerning the work of the director and the investment activities and other […]
Section 202 – Access to office records and personnel.
Effective 7/1/2018 53D-1-202. Access to office records and personnel. (1) The office shall provide board members and the advocacy office director access to all office records and personnel as necessary for board members and the advocacy office director to fulfill their responsibilities to ensure that the office is in full compliance with applicable law and […]
Section 203 – Funding of office operations.
Effective 5/14/2019 53D-1-203. Funding of office operations. (1) As used in this section, “trust fund earnings” includes any of the following that is in excess of the trust fund corpus: (a) realized or unrealized gains; (b) interest; (c) dividends; (d) other income; or (e) other sources of revenue. (2) There is created an enterprise fund […]