1. (1) The corporation's board of directors comprises the state treasurer and two individuals designated by the state treasurer.
2. (2) Two members of the board are a quorum for the transaction of business.

3. (3) Members of the board of directors:

   1. (a) are subject to any restrictions on conflicts of interest specified in the organizational documents of the corporation; and
   2. (b) may not participate in a vote by the board of directors related to an investment by the Utah fund of funds, if the member has an interest in the investment.

4. (4) Directors of the corporation:

   1. (a) shall be compensated for direct expenses and mileage; and
   2. (b) may not receive a director's fee or salary for service as directors.

Amended by Chapter 298, 2022 General Session