Powers of Utah fund of funds.

1. Law
2. Utah Code
3. Economic Opportunity Act
4. Utah Venture Capital Enhancement Act
5. Utah Fund of Funds
6. Powers of Utah fund of funds.

• (1) The Utah fund of funds may:
  • (a) engage consultants and legal counsel;
  • (b) expend funds;
  • (c) invest funds;
  • (d) issue debt and borrow funds;
  • (e) enter into contracts;
  • (f) insure against loss;
  • (g) hire employees;
  • (h) issue equity interests to designated investors that have purchased equity interest certificates from the board; and
  • (i) perform any other act necessary to carry out its purposes.

• (2)
  • (a) The Utah fund of funds shall engage a venture capital investment fund allocation manager.
  • (b) The compensation paid to the fund manager shall be in addition to the management fee paid to the corporation under Section 63N-6-305.

• (3) The Utah fund of funds may:
  • (a) open and manage bank and short-term investment accounts as considered necessary by the venture capital investment fund allocation manager; and
  • (b) expend money to secure investment ratings for investments by designated investors in the Utah fund of funds.

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