Utah § 53H-16-302 Board of directors -- Membership -- Limitations.

Utah Statutes

§ 53H-16-302 — Board of directors -- Membership -- Limitations.

Utah·Title 53H Higher Education·Ch. 53H-16 Nucleus Institute·Part 53H-16-3 Nucleus Institute Governance

(1)The institute shall be governed by a board of directors which shall manage and conduct the business and affairs of the institute.

(2)The institute board shall consist of seven voting members as follows:

(2)(a) the executive director, appointed as described in Section 53H-16-304;

(2)(b) the director of the Talent Ready Utah Program, described in Section 53H-13-303; and

(2)(c) five individuals with relevant experience, jointly appointed by the commissioner, the executive director, and the director of the Talent Ready Utah Program described in Section 53H-13-303.

(3)(3)(a) A member described in Subsection (2)(c):

(3)(a)(i) shall serve a term of two years; and

(3)(a)(ii) may serve more than one term.

(3)(b) The commissioner, jointly with the executive director and the director of the Tal

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(1) The institute shall be governed by a board of directors which shall manage and conduct the business and affairs of the institute.
(2) The institute board shall consist of seven voting members as follows:
(2)(a) the executive director, appointed as described in Section 53H-16-304;
(2)(b) the director of the Talent Ready Utah Program, described in Section 53H-13-303; and
(2)(c) five individuals with relevant experience, jointly appointed by the commissioner, the executive director, and the director of the Talent Ready Utah Program described in Section 53H-13-303.
(3) (3)(a) A member described in Subsection (2)(c):
(3)(a)(i) shall serve a term of two years; and
(3)(a)(ii) may serve more than one term.
(3)(b) The commissioner, jointly with the executive director and the director of the Talent Ready Utah Program described in Section 53H-13-303, may remove a member from the institute board.
(3)(c) If a vacancy occurs for a member described in Subsection (2)(c), the commissioner, jointly with the executive director and the director of the Talent Ready Utah Program described in Section 53H-13-303, shall appoint a replacement to serve the remainder of the member's term.
(4) The executive director shall serve as the chair of the institute board.
(5) (5)(a) A majority of the members of the institute board constitutes a quorum of the institute board.
(5)(b) The action by a majority of the members of a quorum constitutes the action of the institute board.
(6) A member of the institute board:
(6)(a) is subject to any restrictions on conflicts of interest specified in the organizational documents of the institute;
(6)(b) may not influence a vote by the investment committee related to a qualified investment by the Utah innovation fund, if the member has an interest in the qualified investment; and
(6)(c) except for the executive director, may not receive compensation or benefits for the member's service.

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