State Codes and Statutes
Statutes > Utah > Title-09 > Chapter-04 > 9-4-9049-4-904. Creation -- Trustees -- Terms -- Vacancies -- Chair -- Powers -- Quorum --Per diem and expenses.
(1) (a) There is created an independent body politic and corporate, constituting a publiccorporation, known as the "Utah Housing Corporation."
(b) The corporation may also be known and do business as the:
(i) Utah Housing Finance Association; and
(ii) Utah Housing Finance Agency in connection with any contract entered into when thatwas the corporation's legal name.
(c) Any other entity may not use the names described in Subsections (1)(a) and (b)without the express approval of the corporation.
(2) The corporation shall be governed by a board of trustees composed of the followingnine trustees:
(a) three ex officio trustees who shall be:
(i) the executive director of the Department of Community and Culture or the executivedirector's designee;
(ii) the commissioner of the Department of Financial Institutions or the commissioner'sdesignee; and
(iii) the state treasurer or the treasurer's designee; and
(b) six public trustees, being private citizens of the state, as follows:
(i) two people representing the mortgage lending industry;
(ii) two people representing the home building and real estate industry; and
(iii) two people representing the public at large.
(3) The governor shall:
(a) appoint the six public trustees of the corporation with the consent of the Senate; and
(b) ensure that:
(i) the six public trustees are from different counties and are residents of Utah; and
(ii) not more than three of the public trustees belong to the same political party.
(4) (a) Except as required by Subsection (4)(b), the six public trustees shall be appointedto terms of office of four years each.
(b) Notwithstanding the requirements of Subsection (4)(a), the governor shall, at the timeof appointment or reappointment, adjust the length of terms to ensure that the terms ofcorporation trustees are staggered so that approximately half of the board is appointed every twoyears.
(5) (a) Any of the six public trustees of the corporation may be removed from office forcause either by the governor or by an affirmative vote of any six trustees of the corporation.
(b) When a vacancy occurs in the board of trustees for any reason, the replacement shallbe appointed for the unexpired term.
(c) Each public trustee shall hold office for the term of appointment and until the trustee'ssuccessor has been appointed and qualified.
(d) Any public trustee is eligible for reappointment but may not serve more than two fullconsecutive terms.
(6) (a) The governor shall select the chair of the corporation.
(b) The trustees shall elect from among their number a vice chair and other officers theymay determine.
(7) (a) Five trustees of the corporation constitute a quorum for transaction of business.
(b) An affirmative vote of at least five trustees is necessary for any action to be taken bythe corporation.
(c) A vacancy in the board of trustees may not impair the right of a quorum to exerciseall rights and perform all duties of the corporation.
(8) A trustee may not receive compensation or benefits for the trustee's service, but mayreceive 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 and63A-3-107.
Amended by Chapter 286, 2010 General Session
