53C-1-302 - Management of the administration -- Trust responsibilities.
53C-1-302. Management of the administration -- Trust responsibilities.
(1) (a) The director has broad authority to:
(i) manage the School and Institutional Trust Lands Administration in fulfillment of itspurpose; and
(ii) establish fees, procedures, and rules consistent with general policies prescribed by theboard of trustees.
(b) The procedures and rules shall:
(i) be consistent with the Utah Enabling Act, the Utah Constitution, and policies of theboard;
(ii) reflect undivided loyalty to the beneficiaries consistent with the director's fiduciaryduties and responsibilities;
(iii) subject to Subsection (2), obtain the optimum values from use of trust lands andrevenues for the trust beneficiaries, including the return of not less than fair market value for theuse, sale, or exchange of school and institutional trust assets; and
(iv) be broadly construed to grant the board, director, and administration full discretionaryauthority to manage, maintain, or dispose of trust assets in the manner they consider mostfavorable to the beneficiaries.
(2) The director shall seek to optimize trust land revenues consistent with the balancing ofshort and long-term interests, so that long-term benefits are not lost in an effort to maximizeshort-term gains.
(3) The director shall maintain the integrity of the trust and prevent, through prudentmanagement, the misapplication of its lands and revenues.
Amended by Chapter 126, 1997 General Session