Utah Code Title 63N. Economic Opportunity Act § 63N-21-202. Board of directors--Membership--Limitations

(a) one individual who represents technology commercialization initiatives within the Utah system of higher education, appointed by the commissioner of higher education, or the individual's designee;

(b) one individual who leads technology commercialization efforts at the University of Utah, appointed by the president of the University of Utah, or the individual's designee;

(c) one individual who leads technology commercialization efforts at Utah State University, appointed by the president of Utah State University, or the individual's designee;

(d) the chief executive officer of World Trade Center Utah, or the chief executive officer's designee; and

(e) three representatives of private industry, appointed by the members described in Subsections (2)(a) through (d).

(3)(a) A member described in Subsection (2)(e):

(b) If a vacancy occurs for a member described in Subsection (2)(e), the members described in Subsections (2)(a) through (d) shall appoint a replacement to serve the remainder of the member's term.

(4)(a) The board may appoint up to two additional nonvoting members to provide industry and technical expertise.

(b) A member of the board appointed under Subsection (4)(a) serves at the pleasure of the board and may be removed and replaced at any time, with or without cause.

(6)(a) A majority of the members of the board constitutes a quorum of the board.

(b) The action by a majority of the members of a quorum constitutes the action of the board.

(a) is subject to any restrictions on conflicts of interest specified in the organizational documents of the innovation lab;

(b) shall annually disclose any private equity interests to the innovation lab;

(c) may not participate in a vote by the board related to a qualified investment by the Utah innovation fund, if the member has an interest in the qualified investment; and

(d) may not receive compensation or benefits for the member's service.