Utah Code 63N-6-303. Board of directors

63N-6-303. Board of directors.

(1)	The corporation‘s board of directors comprises the state treasurer and two individuals designated by the state treasurer.

Board: means the board of directors of the corporation. See Utah Code 63N-6-103
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Corporation: means the Utah Capital Investment Corporation created under Section 63N-6-301. See Utah Code 63N-6-103
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
Utah fund of funds: means a limited liability company established under Section 63N-6-401. See Utah Code 63N-6-103

(2)	Two members of the board are a quorum for the transaction of business.

(3)

Members of the board of directors:

(a)	are subject to any restrictions on conflicts of interest specified in the organizational documents of the corporation; and

(b)	may not participate in a vote by the board of directors related to an investment by the Utah fund of funds, if the member has an interest in the investment.

(4)

Directors of the corporation:

(a)	shall be compensated for direct expenses and mileage; and

(b)	may not receive a director’s fee or salary for service as directors.

Amended by Chapter 298, 2022 General Session