53C-1-202 - Board of trustees membership -- Nomination list -- Qualifications -- Terms -- Replacement -- Chair -- Quorum.
53C-1-202. Board of trustees membership -- Nomination list -- Qualifications --Terms -- Replacement -- Chair -- Quorum.
(1) There is established the School and Institutional Trust Lands Board of Trustees.
(2) The board shall consist of seven members appointed on a nonpartisan basis by thegovernor with the consent of the Senate for nonconsecutive six-year terms.
(3) (a) Of the initial appointments to the board, the governor shall appoint one member toserve a six-year term, one member to serve a five-year term, one member to serve a four-yearterm, one member to serve a three-year term, one member to serve a two-year term, and onemember to serve a one-year term.
(b) All subsequent appointments shall be for a term of six years, except if a vacancyoccurs, the governor shall appoint a replacement, following the procedures set forth inSubsections (2), (4), (5), and (6), to fill the unexpired term.
(c) Any member of the board who has served less than six years upon the expiration ofthat member's term is eligible for a consecutive reappointment.
(d) Neither the term provision in Subsection (2) nor Subsection (3) applies to anappointment made under Subsection (5).
(4) (a) The governor shall select six of the seven appointees to the board from anomination list of at least two candidates for each position or vacancy submitted pursuant toSection 53C-1-203.
(b) The governor may request an additional nomination list of at least two candidatesfrom the nominating committee if the initial list of candidates for a given position isunacceptable.
(c) (i) If the governor fails to select an appointee within 60 days after receipt of the initiallist or within 60 days after the receipt of an additional list, the nominating committee shall makean interim appointment by majority vote.
(ii) The interim appointee shall serve until the matter is resolved by the committee andthe governor or until replaced pursuant to this chapter.
(5) (a) The governor may appoint one member without requiring a nomination list.
(b) The member appointed under Subsection (5)(a) serves at the pleasure of the governor.
(6) (a) Each board candidate shall possess outstanding professional qualificationspertinent to the purposes and activities of the trust.
(b) The board shall represent the following areas of expertise:
(i) nonrenewable resource management or development;
(ii) renewable resource management or development; and
(iii) real estate.
(c) Other qualifications which are pertinent for membership to the board are expertise inany of the following areas:
(i) business;
(ii) investment banking;
(iii) finance;
(iv) trust administration;
(v) asset management; and
(vi) the practice of law in any of the areas referred to in Subsections (6)(b) and (6)(c)(i)through (v).
(7) The board of trustees shall select a chair from its membership.
(8) Before assuming a position on the board, each member shall take an oath of office.
(9) Four members of the board constitute a quorum for the transaction of business.
(10) The governor or five board members may, for cause, remove a member of the board.
(11) An aggrieved party to a final action by the board may obtain judicial review of thataction under Sections 63G-4-402 and 63G-4-403.
Amended by Chapter 382, 2008 General Session