Utah Statutes
§ 53D-1-602 — Office authority, responsibilities, and duties.
Utah·Title 53D School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office·Ch. 53D-1 School and Institutional Trust Fund Management Act·Part 53D-1-6 Management and Investment Standards and Principles
(1)In managing and investing trust fund money and assets, the office:
(1)(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
(1)(b) shall make a reasonable effort to verify facts related to the management and investment of trust fund money and assets.
(2)Except as otherwise provided by law, the office may invest in any kind of property or any type of investment that is:
(2)(a) consistent with this part; and
(2)(b) in the best interests of the beneficiaries.
(3)The office shall diversify the investments of trust fund money and assets.
(4)Within a reasonable time after receiving a contribution to the trust fund, the office shall make and carry out decisions concerning the ret
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Legislative History
Enacted by Chapter 426, 2014 General Session
Nearby Sections
15
§ 53D-1-102
Definitions.§ 53D-1-103
Application of other law.§ 53D-1-104
Attorney general representation.§ 53D-1-105
Annual audit by state auditor.§ 53D-1-202
Access to office records and personnel.§ 53D-1-203
Funding of office operations.§ 53D-1-301
Board of trustees -- Creation -- Membership.§ 53D-1-302
Board chair and vice chair -- Quorum.§ 53D-1-303
Board authority and duties.§ 53D-1-304
Board meetings -- Closed meetings.§ 53D-1-401
Appointment of director -- Qualifications -- Nature of employment -- Removal by petition.§ 53D-1-402
Director duties and responsibilities.§ 53D-1-403
Reports.