Utah Statutes
§ 53D-1-603 — Director 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)(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.
(1)(b) The director shall periodically review the actions of an agent under Subsection (1)(a) in order to monitor the agent's performance and compliance with the scope and terms of the delegation.
(2)The director shall act in good faith, with the care that a prudent professional in a like position would exercise under similar circumstances, in:
(2)(a) selecting an agent;
(2)(b) establishing the scope and terms of a delegation under Subsection (1); and
(2)(c) periodically reviewing the agent's actions, as provided in Subsection (1)(b).
(3)In performing a delegated f
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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.