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Utah Code Title 53D. School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office § 53D-1-401. Appointment of director--Qualifications--Nature of employment--Removal by petition

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) The office shall be managed by a director.

(2) If there is a vacancy in the director position, the board shall appoint an individual as director.

(3) The board shall ensure that an individual appointed as director possesses:

(a) outstanding professional qualifications pertinent to the prudent investment of trust fund money; and

(b) expertise in institutional investment management.

(4) The director is an at-will employee who may be removed by the board at any time with or without cause.

(5)(a) The advocacy office director may submit a written petition to the board requesting the board to remove the director for cause, explained in the petition.

(b) The board shall hold a hearing on a petition under Subsection (5)(a) within 45 days after receiving the petition.

(c) If, after holding a hearing, the board finds by a preponderance of the evidence that there is cause for removing the director, the board shall remove the director.

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Cite this article: FindLaw.com - Utah Code Title 53D. School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office § 53D-1-401. Appointment of director--Qualifications--Nature of employment--Removal by petition - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-53d-school-and-institutional-trust-fund-management-and-land-trusts-protection-and-advocacy-office/ut-code-sect-53d-1-401/

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