Utah Code Title 51. Public Funds and Accounts § 51-10-202. Board of trustees of the fund--Trust administrator

(1)(a) There is created a board of trustees of the fund composed of the following three members:

(b) The state treasurer is chair of the board.

(c) Three members of the board is a quorum.

(d) A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with:

(2)(a) The board shall:

(b) If the board hires a trust administrator under Subsection (2)(a)(ii), the board may hire or authorize the trust administrator to hire other persons necessary to assist the trust administrator and the board to perform the duties required by this chapter.

(a) on behalf of the state, act as trustee of the fund and exercise the state's fiduciary responsibilities;

(b) meet at least once every other month;

(c) review and approve the policies, projections, rules, criteria, procedures, forms, standards, and performance goals established by the trust administrator;

(d) review and approve the fund budget prepared by the trust administrator;

(e) review the progress reports from programs financed by the fund;

(f) review financial records of the fund, including fund receipts, expenditures, and investments; and

(g) do any other thing necessary to perform the state's fiduciary obligations under the fund.

(a) act as legal counsel and provide legal representation to the board; and

(b) attend or direct an attorney from the attorney general's office to attend each meeting of the board.