(1) The Utah innovation fund shall be governed by an investment committee. (2) The investment committee shall consist of five members appointed by the institute board. (3) (a) A member of the investment committee: (i) shall serve a term of two years; and (ii) may serve more than one term. (b) If a vacancy occurs for a member of the investment committee, the institute board shall appoint a replacement to serve the remainder of the member's term. (c) The commissioner or the institute board may remove a member of the investment committee for cause. (4) The institute board shall appoint a chair of the investment committee. (5) The investment committee may appoint up to two additional nonvoting members to provide industry and technical expertise. (6) (a) A member of the investment committee: (i) shall have significant experience in venture capital or entrepreneurship; (ii) is subject to any restrictions on conflicts of interest specified in the organizational documents of the institute; (iii) may not participate in 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 (iv) except as provided in Subsection (6)(b), may not receive compensation or benefits for the member's service. (b) The chair of the investment committee may receive compensation or benefits for the chair's service. (7) (a) A majority of the members of the investment committee constitutes a quorum of the investment committee. (b) The action by a majority of the members of a quorum constitutes the action of the investment committee. Renumbered and Amended by Chapter 8, 2025 Special Session 1
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