51-10-202. Board of trustees of the fund — Trust administrator.
| (1) |
Terms Used In Utah Code 51-10-202- Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
- Board: means the board of trustees created in Section 51-10-202. See Utah Code 51-10-102
- Fiduciary: A trustee, executor, or administrator.
- Fund: means the Navajo Trust Fund created in Section 51-10-201. See Utah Code 51-10-102
- Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
- Person: means :Utah Code 68-3-12.5
- Quorum: The number of legislators that must be present to do business.
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Trust administrator: means the trust administrator selected as provided in Subsection 51-10-202(2). See Utah Code 51-10-102
- Trustee: A person or institution holding and administering property in trust.
| (a) |
There is created a board of trustees of the fund composed of the following three members:
| (ii) |
the director of the Division of Finance; and |
| (iii) |
the director of the Governor’s Office of Planning and Budget or the director’s designee. |
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| (b) |
The state treasurer is chair of the board. |
| (c) |
Three members of the board is a quorum. |
| (d) |
A member may not receive compensation or benefits for the member’s service, but may receive per diem and travel expenses in accordance with:
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| (2) |
| (a) |
The board shall:
| (ii) |
if unable to find a qualified person under Subsection (2)(a)(i) to act as trust administrator for a reasonable cost, hire a qualified person to act as trust administrator and, when not provided for in this chapter, define the trust administrator’s duties. |
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| (b) |
If the board hires a trust administrator under Subsection (2)(a)(ii), the board may hire or authorize the trust administrator to hire other persons necessary to assist the trust administrator and the board to perform the duties required by this chapter. |
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| (3) |
The board shall:
| (a) |
on behalf of the state, act as trustee of the fund and exercise the state’s fiduciary responsibilities; |
| (b) |
meet at least once every other month; |
| (c) |
review and approve the policies, projections, rules, criteria, procedures, forms, standards, and performance goals established by the trust administrator; |
| (d) |
review and approve the fund budget prepared by the trust administrator; |
| (e) |
review the progress reports from programs financed by the fund; |
| (f) |
review financial records of the fund, including fund receipts, expenditures, and investments; and |
| (g) |
do any other thing necessary to perform the state’s fiduciary obligations under the fund. |
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| (4) |
The attorney general shall:
| (a) |
act as legal counsel and provide legal representation to the board; and |
| (b) |
attend or direct an attorney from the attorney general’s office to attend each meeting of the board. |
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| (5) |
The board may consult with knowledgeable state personnel to advise the board on policy and technical matters. |
Amended by Chapter 382, 2021 General Session
