Board of trustees membership -- Nomination list -- Qualifications -- Terms -- Replacement -- Chair -- Quorum.
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(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 the governor with the advice and consent of the Senate and in accordance with Title 63G, Chapter 24, Part 2, Vacancies.
(3)
(a) Except for the appointment made pursuant to Subsection (5), all appointments to the board shall be for a nonconsecutive term of six years, or until a replacement has been appointed and confirmed pursuant to this section.
(b) If a vacancy occurs, the governor shall appoint a replacement, following the procedures set forth in Subsections (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 of that member's term is eligible for a consecutive reappointment.
(4)
(a) The governor shall select six of the seven appointees to the board from a nomination list of at least two candidates for each position or vacancy submitted pursuant to Section 53C-1-203.
(b) The governor may request an additional nomination list of at least two candidates from the nominating committee if the initial list of candidates for a given position is unacceptable.
(c)
(i) If the governor fails to select an appointee within 60 days after receipt of the initial list or within 60 days after the receipt of an additional list, the nominating committee shall make an interim appointment by majority vote.
(ii) The interim appointee shall serve until the matter is resolved by the committee and the 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 qualifications pertinent 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 in any 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 and vice 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) A member of the board shall comply with the conflict of interest provisions described in Title 63G, Chapter 24, Part 3, Conflicts of Interest.