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(1) Subject to Subsection (12), there is created within the department the Utah Natural Resources Legacy Fund Board that consists of eight members as follows:
(a) the following voting members:
(i) two members representing the agriculture industry, appointed by the commissioner of the Department of Agriculture and Food;
(ii) one member representing a non-government entity that has as a primary purpose conserving non-game wildlife and habitat, appointed by the director of the Division of Wildlife Resources;
(iii) one member representing hunting, fishing, and trapping interests in Utah, appointed by the director of the Division of Wildlife Resources;
(iv) one member representing mineral extraction and development interests, appointed by the director of the Division of Oil, Gas, and Mining;
(v) one member representing water development and distribution interests, appointed by the executive director of the department; and
(vi) one at-large member, appointed by the executive director of the department; and
(b) the director of the division as a nonvoting member.
(2) A voting member of the board shall be appointed for a three-year term.
(3) Notwithstanding Subsection (2), terms of board members are staggered as follows so that approximately one-third of the board is appointed every year:
(a) the initial individuals appointed under Subsections (1)(a)(i) and (ii) shall be appointed for three-year terms;
(b) the initial individuals appointed under Subsections (1)(a)(iii) and (iv) shall be appointed for two-year terms; and
(c) the initial individuals appointed under Subsections (1)(a)(v) and (vi) shall be appointed for one-year terms.
(4) An individual may be appointed to more than one term.
(5) When a vacancy occurs in the membership for any reason, an individual shall be appointed in accordance with Subsection (1) to replace the member for the unexpired term.
(6) The board shall elect one member to serve as chair of the board.
(7) The board shall meet regularly as called by the chair.
(8) Four voting members constitute a quorum.
(9) An action by the majority of voting members present when a quorum is present is an action of the board.
(10) A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with:
(a) Section 63A-3-106;
(b) Section 63A-3-107; and
(c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.
(11) The division shall staff the board.
(12) The board is not created and may not begin operation until the fund described in Section 23-31-201 holds at least $200,000.