(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: (a) the executive director, appointed as described in Section 53H-16-304; (b) the director of the Talent Ready Utah Program, described in Section 53H-13-303; and (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) (a) A member described in Subsection (2)(c): (i) shall serve a term of two years; and (ii) may serve more than one term. (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. (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) (a) A majority of the members of the institute board constitutes a quorum of the institute board. (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: (a) is subject to any restrictions on conflicts of interest specified in the organizational documents of the institute; (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 (c) except for the executive director, may not receive compensation or benefits for the member's service. Renumbered and Amended by Chapter 8, 2025 Special Session 1
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