Utah Code 63N-21-202. Board of directors — Membership — Limitations
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(1) The innovation lab shall be governed by a board of directors which shall manage and conduct the business and affairs of the innovation lab.
Terms Used In Utah Code 63N-21-202
- Board: means the board of directors of the innovation lab, as described in Section 63N-21-202. See Utah Code 63N-21-101
- Innovation lab: means the Utah Innovation Lab created in Section 63N-21-201. See Utah Code 63N-21-101
- Qualified investment: means any distribution or payment of funds to a qualified business from the Utah innovation fund, including:(4)(a) a direct investment of capital in a qualified business for the purchase of shares of stock;(4)(b) a secured loan or revolving line of credit to a qualified business; or(4)(c) a financial grant to a qualified business. See Utah Code 63N-21-101
- Quorum: The number of legislators that must be present to do business.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- 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 innovation fund: means a limited liability company organized under Section 63N-21-301. See Utah Code 63N-21-101
(2) The board shall consist of seven voting members as follows:(2)(a) one individual who represents technology commercialization initiatives within the Utah system of higher education, appointed by the commissioner of higher education, or the individual’s designee;(2)(b) one individual who leads technology commercialization efforts at the University of Utah, appointed by the president of the University of Utah, or the individual’s designee;(2)(c) one individual who leads technology commercialization efforts at Utah State University, appointed by the president of Utah State University, or the individual’s designee;(2)(d) the chief executive officer of World Trade Center Utah, or the chief executive officer’s designee; and(2)(e) three representatives of private industry, appointed by the members described in Subsections (2)(a) through (d).(3)(3)(a) A member described in Subsection (2)(e):(3)(a)(i) shall serve a term of two years; and(3)(a)(ii) may serve more than one term.(3)(b) If a vacancy occurs for a member described in Subsection (2)(e), the members described in Subsections (2)(a) through (d) shall appoint a replacement to serve the remainder of the member’s term.(4)(4)(a) The board may appoint up to two additional nonvoting members to provide industry and technical expertise.(4)(b) A member of the board appointed under Subsection (4)(a) serves at the pleasure of the board and may be removed and replaced at any time, with or without cause.(5) The board shall elect a chair from the board’s members, who shall serve a two-year term.(6)(6)(a) A majority of the members of the board constitutes a quorum of the board.(6)(b) The action by a majority of the members of a quorum constitutes the action of the board.(7) A member of the board:(7)(a) is subject to any restrictions on conflicts of interest specified in the organizational documents of the innovation lab;(7)(b) shall annually disclose any private equity interests to the innovation lab;(7)(c) may not participate in a vote by the board related to a qualified investment by the Utah innovation fund, if the member has an interest in the qualified investment; and(7)(d) may not receive compensation or benefits for the member’s service.