Utah Code 63N-6-303. Board of directors
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(1) The corporation‘s board of directors comprises the state treasurer and two individuals designated by the state treasurer.
Terms Used In Utah Code 63N-6-303
- 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:
(3)(a) are subject to any restrictions on conflicts of interest specified in the organizational documents of the corporation; and
(3)(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:
(4)(a) shall be compensated for direct expenses and mileage; and
(4)(b) may not receive a director’s fee or salary for service as directors.