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 […]
Section 301 – Board of trustees — Creation — Membership.
Effective 5/12/2015 53D-1-301. Board of trustees — Creation — Membership. (1) There is created a School and Institutional Trust Fund Board of Trustees. (2) The board consists of: (a) the state treasurer; and (b) four additional members who are appointed by the state treasurer on a nonpartisan basis from a list of at least two […]
Section 302 – Board chair and vice chair — Quorum.
Effective 7/1/2014 53D-1-302. Board chair and vice chair — Quorum. (1) (a) The state treasurer is the chair of the board. (b) The chair shall faithfully represent the will of the board to the extent the board’s will is consistent with state law. (2) (a) The board shall annually select a vice chair from its […]
Section 103 – Application of other law.
Effective 7/1/2021 53D-1-103. Application of other law. (1) The office, board, and nominating committee are subject to: (a)Title 52, Chapter 4, Open and Public Meetings Act; and (b) Section 67-3-12. (2) Subject to Subsection 63E-1-304(2), the office may participate in coverage under the Risk Management Fund, created in Section 63A-4-201. (3) The office and board […]
Section 104 – Attorney general representation.
Effective 5/9/2017 53D-1-104. Attorney general representation. (1) The attorney general shall: (a) represent the board, director, and office in any legal action relating to the trust fund; (b) undertake suits for damages and any other necessary or appropriate relief in the name of the trust fund and the state; and (c) ensure that legal counsel […]
Section 105 – Annual audit by state auditor.
Effective 7/1/2014 53D-1-105. Annual audit by state auditor. (1) The state auditor shall conduct an annual audit of the trust fund money and assets on a fund by fund basis, including: (a) an evaluation of the independent custodial arrangements made for the management and investment of trust fund money and assets; and (b) a verification […]