reglab/housing_qa huggingface dataset:
UT Code § 53D-1-304 (2021)
2021 Utah Code|Title 53D - School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office|Chapter 1 - School and Institutional Trust Fund Management Act|Part 3 - School and Institutional Trust Fund Board of Trustees|Section 304 - Board meetings -- Closed meetings.

 Effective 5/5/2021  53D-1-304. Board meetings -- Closed meetings.    (1) The board shall hold at least four meetings per year to conduct business.     (2) The board chair or two board members:   (a) may call a board meeting; and     (b) if calling a board meeting, shall provide as much advance notice as is reasonable under the circumstances to all board members, the director, and the advocacy office director.       (3) Any board member may place an item on a board meeting agenda.     (4) The board shall adopt a set of parliamentary procedures to govern board meetings.     (5) The board may establish an attendance policy to govern the attendance of board members at board meetings.     (6)   (a) Notwithstanding Subsection 52-4-204(2) or 52-4-205(1), and in addition to the reasons to close a meeting described in Section 52-4-205, the board may hold a closed meeting to discuss the sale or purchase of identifiable securities, investment funds, or investment contracts if:   (i) the board, the director, or the office has entered into a confidentiality agreement related to the identifiable securities, investment funds, or investment contracts; and     (ii) two-thirds of the members present when a quorum is present vote to close the meeting for the purpose described in this Subsection (6)(a).       (b) If the board closes a meeting in accordance with Subsection (6)(a), the board shall comply with the requirements for closed meetings described in Title 52, Chapter 4, Open and Public Meetings Act.      Amended by Chapter 336, 2021 General Session
UT Code § 53D-1-401 (2021)
2021 Utah Code|Title 53D - School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office|Chapter 1 - School and Institutional Trust Fund Management Act|Part 4 - Director|Section 401 - Appointment of director -- Qualifications -- Nature of employment -- Removal by petition.

 Effective 7/1/2018  53D-1-401. Appointment of director -- Qualifications -- Nature of employment -- Removal by petition.    (1) The office shall be managed by a director.     (2) If there is a vacancy in the director position, the board shall appoint an individual as director.     (3) The board shall ensure that an individual appointed as director possesses:   (a) outstanding professional qualifications pertinent to the prudent investment of trust fund money; and     (b) expertise in institutional investment management.       (4) The director is an at-will employee who may be removed by the board at any time with or without cause.     (5)   (a) The advocacy office director may submit a written petition to the board requesting the board to remove the director for cause, explained in the petition.     (b) The board shall hold a hearing on a petition under Subsection (5)(a) within 45 days after receiving the petition.     (c) If, after holding a hearing, the board finds by a preponderance of the evidence that there is cause for removing the director, the board shall remove the director.      Amended by Chapter 448, 2018 General Session
UT Code § 53D-1-403 (2021)
2021 Utah Code|Title 53D - School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office|Chapter 1 - School and Institutional Trust Fund Management Act|Part 4 - Director|Section 403 - Reports.

 Effective 7/1/2018  53D-1-403. Reports.    (1) At least annually, the director shall report in person to the Legislative Management Committee, the governor, and the advocacy office, concerning the office's investments, performance, estimated distributions, and other activities.     (2) The director shall report to the board concerning the work of the director and the investment activities and other activities of the office:   (a) in a public meeting at least six times per year; and     (b) as otherwise requested by the board.       (3)   (a) Before November 1 of each year, the director shall:   (i) submit a written report to school community councils, created under Section 53G-7-1202, and charter trust land councils, established under Section 53G-7-1205, concerning the office's investments, performance, estimated distributions, and other activities; and     (ii) post the written report described in Subsection (3)(a)(i) on the office's website.       (b) A report under Subsection (3)(a) shall be prepared in simple language designed to be understood by the general public.       (4) The director shall provide to the board:   (a) monthly written reports on the activities of the office;     (b) quarterly financial reports; and     (c) any other report requested by the board.       (5) The director shall:   (a) invite the advocacy office director to attend any meeting at which the director gives a report under this section; and     (b) provide the advocacy office director:   (i) a copy of any written report prepared under this section; and     (ii) any other report requested by the advocacy office director.        Amended by Chapter 415, 2018 General SessionAmended by Chapter 448, 2018 General Session
UT Code § 53D-1-501 (2021)
2021 Utah Code|Title 53D - School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office|Chapter 1 - School and Institutional Trust Fund Management Act|Part 5 - Nominating Committee|Section 501 - Nominating committee -- Membership -- Terms -- Vacancies -- Compensation.

 Effective 7/1/2018  53D-1-501. Nominating committee -- Membership -- Terms -- Vacancies -- Compensation.    (1) There is established a School and Institutional Trust Fund Nominating Committee.     (2) The nominating committee consists of:   (a) four members, appointed by the state treasurer upon recommendation by the advocacy office director, each of whom is a member of a respected professional investment organization;     (b) the chief investment officer of the University of Utah endowment;     (c) the chief investment officer of the Utah State University endowment; and     (d) the advocacy office director.       (3) An individual appointed as a member of the nominating committee under Subsection (2)(a) shall be appointed based on the individual's expertise in:   (a) investment finance;     (b) institutional asset management;     (c) trust administration; or     (d) the practice of law in the areas of capital markets, securities law, trusts, foundations, endowments, investment finance, institutional asset management, or trust administration.       (4) The term of a member appointed under Subsection (2)(a) is four years.     (5) A nominating committee member shall serve until a successor is appointed and qualified.     (6)   (a) If a member appointed under Subsection (2)(a) leaves office, the vacancy shall be filled in the same manner as the initial appointment under Subsection (2)(a).     (b) An individual appointed to fill a vacancy under Subsection (6)(a) serves the remainder of the unexpired term.       (7) A member of the nominating committee 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.      Amended by Chapter 448, 2018 General Session
UT Code § 53D-1-502 (2021)
2021 Utah Code|Title 53D - School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office|Chapter 1 - School and Institutional Trust Fund Management Act|Part 5 - Nominating Committee|Section 502 - Chair and vice chair -- Quorum and voting requirements -- Bylaws -- Staff.

 Effective 7/1/2018  53D-1-502. Chair and vice chair -- Quorum and voting requirements -- Bylaws -- Staff.    (1) The nominating committee shall select a chair and vice chair from its members.     (2)   (a) Four members of the nominating committee constitute a quorum.     (b) An action of the nominating committee requires the affirmative vote of at least four members.       (3) The nominating committee shall establish bylaws to govern the nominating committee.     (4) The advocacy office shall provide staff support to the nominating committee.    Amended by Chapter 448, 2018 General Session
UT Code § 53D-1-503 (2021)
2021 Utah Code|Title 53D - School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office|Chapter 1 - School and Institutional Trust Fund Management Act|Part 5 - Nominating Committee|Section 503 - Process of nominating candidates for board membership.

 Effective 7/1/2014  53D-1-503. Process of nominating candidates for board membership.    (1) The nominating committee shall nominate at least two candidates for each position or vacancy on the board.     (2) The nominating committee shall:   (a) nominate candidates who meet the criteria stated in Subsection 53D-1-301(3); and     (b) consider the character and reputation of candidates the nominating committee nominates.       (3) If the state treasurer considers the candidates nominated under Subsection (1) to be unacceptable, the state treasurer may request the nominating committee to nominate at least two other candidates per appointment.     (4) As many times as the state treasurer considers candidates nominated by the nominating committee to be unacceptable under Subsection (3), the nominating committee shall follow the process described in Subsections (1) and (2) until the state treasurer appoints a candidate.    Enacted by Chapter 426, 2014 General Session
UT Code § 53D-1-601 (2021)
2021 Utah Code|Title 53D - School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office|Chapter 1 - School and Institutional Trust Fund Management Act|Part 6 - Management and Investment Standards and Principles|Section 601 - General management and investment principles -- Duty of person with special skills or expertise.

 Effective 7/1/2014  53D-1-601. General management and investment principles -- Duty of person with special skills or expertise.    (1) Board members, the director, and office staff shall act in the best interests of the beneficiaries and comply with the duty of undivided loyalty to the beneficiaries.     (2) A person who manages and invests trust fund money or assets shall:   (a) manage and invest in good faith and with the care a prudent professional in a like position would exercise under similar circumstances;     (b) consider, as relevant:   (i) general economic conditions;     (ii) the possible effect of inflation or deflation;     (iii) any expected tax consequences of investment decisions or strategies;     (iv) the role that each investment or course of action plays within the overall investment portfolio of the trust fund;     (v) the expected net return from income and the appreciation of investments;     (vi) the expected returns and risk characteristics of individual assets;     (vii) the needs of the beneficiaries to receive distributions and to preserve capital;     (viii) liquidity;     (ix) asset allocation; and     (x) costs and management fees; and       (c) make management and investment decisions about an individual asset not in isolation but in the context of the trust fund's portfolio of investments as a whole and as part of an overall investment strategy, having risk and return objectives reasonably suited to the trust fund and to the beneficiaries.       (3) A person who has special skills or expertise, or who is selected to assist in managing and investing the trust fund money or assets based on the person's representation of having special skills or expertise, has a duty to use those skills and that expertise in managing and investing trust fund money and assets.    Enacted by Chapter 426, 2014 General Session
UT Code § 53D-1-602 (2021)
2021 Utah Code|Title 53D - School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office|Chapter 1 - School and Institutional Trust Fund Management Act|Part 6 - Management and Investment Standards and Principles|Section 602 - Office authority, responsibilities, and duties.

 Effective 7/1/2014  53D-1-602. Office authority, responsibilities, and duties.    (1) In managing and investing trust fund money and assets, the office:   (a) may incur only costs that are appropriate and reasonable in relation to the assets, the purposes of the trust fund, and the skills available to the office; and     (b) shall make a reasonable effort to verify facts related to the management and investment of trust fund money and assets.       (2) Except as otherwise provided by law, the office may invest in any kind of property or any type of investment that is:   (a) consistent with this part; and     (b) in the best interests of the beneficiaries.       (3) The office shall diversify the investments of trust fund money and assets.     (4) Within a reasonable time after receiving a contribution to the trust fund, the office shall make and carry out decisions concerning the retention or disposition of the contribution or to rebalance the trust fund portfolio, in order to bring the trust fund into compliance with the purposes, terms, and distribution requirements of trust fund money and assets.     (5) The board may delegate any management or investment function to the director, a committee of board members, or an employee of the office.    Enacted by Chapter 426, 2014 General Session
UT Code § 53D-1-603 (2021)
2021 Utah Code|Title 53D - School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office|Chapter 1 - School and Institutional Trust Fund Management Act|Part 6 - Management and Investment Standards and Principles|Section 603 - Director authority, responsibilities, and duties.

 Effective 7/1/2014  53D-1-603. Director authority, responsibilities, and duties.    (1)   (a) The director may delegate to an external agent the management of a portion of the trust fund money or assets, if the delegation is prudent under the circumstances and consistent with the purposes of the trust fund.     (b) The director shall periodically review the actions of an agent under Subsection (1)(a) in order to monitor the agent's performance and compliance with the scope and terms of the delegation.       (2) The director shall act in good faith, with the care that a prudent professional in a like position would exercise under similar circumstances, in:   (a) selecting an agent;     (b) establishing the scope and terms of a delegation under Subsection (1); and     (c) periodically reviewing the agent's actions, as provided in Subsection (1)(b).       (3) In performing a delegated function, an agent owes a duty to the state and the beneficiaries to exercise reasonable care to comply with the scope and terms of the delegation.    Enacted by Chapter 426, 2014 General Session
UT Code § 53D-1-604 (2021)
2021 Utah Code|Title 53D - School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office|Chapter 1 - School and Institutional Trust Fund Management Act|Part 6 - Management and Investment Standards and Principles|Section 604 - Compliance not determined by hindsight.

 Effective 7/1/2014  53D-1-604. Compliance not determined by hindsight.  Compliance with a provision of this part in making a decision or taking an action is determined in light of the facts and circumstances existing at the time a decision is made or an action is taken and not by hindsight. Enacted by Chapter 426, 2014 General Session
UT Code § 53D-1-701 (2021)
2021 Utah Code|Title 53D - School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office|Chapter 1 - School and Institutional Trust Fund Management Act|Part 7 - Review of Decisions or Actions|Section 701 - Petition for review of director or office decision or action -- Hearing examiner -- Decision -- Judicial review.

 Effective 7/1/2014  53D-1-701. Petition for review of director or office decision or action -- Hearing examiner -- Decision -- Judicial review.    (1)   (a) Subject to Subsection (1)(b), a person aggrieved by a decision or action of the director or office may, in accordance with rules adopted by the board under Section 53D-1-702, petition the board for an administrative review of the decision or action.     (b) A person may not petition for review of:   (i) a decision whether to buy, sell, hold, or exchange a specific investment; or     (ii) an action to buy, sell, hold, or exchange a specific investment.         (2)   (a) The board may appoint a qualified hearing examiner to take evidence and make a recommendation for board action on the petition.     (b) If the board appoints a hearing examiner under Subsection (2)(a), the board shall, in conducting its review and making its decision on the petition, consider the hearing examiner's recommendation.       (3) In making its decision on the petition, the board shall:   (a) make findings and conclusions and base its decision on the findings and conclusions;     (b) uphold the decision or action of the director or office unless the board finds, by a preponderance of the evidence, that the decision or action violated applicable law, policy, or rule; and     (c) inform the person who filed the petition of the person's right to judicial review of the board's decision.       (4) A person aggrieved by a final decision of the board on a petition filed under this section may seek judicial review of that decision as provided in Sections 63G-4-402 and 63G-4-403.    Enacted by Chapter 426, 2014 General Session
UT Code § 53D-1-702 (2021)
2021 Utah Code|Title 53D - School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office|Chapter 1 - School and Institutional Trust Fund Management Act|Part 7 - Review of Decisions or Actions|Section 702 - Board rules on petition for review of director or office decision or action.

 Effective 7/1/2014  53D-1-702. Board rules on petition for review of director or office decision or action.    (1) The board shall make rules, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, to govern proceedings on a petition under Section 53D-1-701.     (2) Rules under Subsection (1) shall ensure procedural due process in proceedings relating to a petition under Section 53D-1-701.    Enacted by Chapter 426, 2014 General Session
UT Code § 53D-2-101 (2021)
2021 Utah Code|Title 53D - School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office|Chapter 2 - Land Trusts Protection and Advocacy Office|Part 1 - General Provisions|Section 101 - Title.

 Effective 7/1/2018  53D-2-101. Title.  This chapter is known as "Land Trusts Protection and Advocacy Office." Enacted by Chapter 448, 2018 General Session
UT Code § 53D-2-102 (2021)
2021 Utah Code|Title 53D - School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office|Chapter 2 - Land Trusts Protection and Advocacy Office|Part 1 - General Provisions|Section 102 - Definitions.

 Effective 7/1/2018  53D-2-102. Definitions.  As used in this chapter:  (1) "Advocacy committee" means the Land Trusts Protection and Advocacy Committee, created in Section 53D-2-202.     (2) "Advocacy director" means the director of the advocacy office, appointed as described in Section 53D-2-203.     (3) "Advocacy office" means the Land Trusts Protection and Advocacy Office, created in Section 53D-2-201.     (4) "School and institutional trust" or "trust" includes:   (a) school and institutional trust lands, as defined in Section 53C-1-103, and related assets; and     (b) funds and investments of school and institutional trust land revenue, as described in Title 53D, Chapter 1, School and Institutional Trust Fund Management Act.       (5) "School and Institutional Trust System" means:   (a) the School and Institutional Trust Lands Administration, described in Title 53C, School and Institutional Trust Lands Management Act;     (b) the School and Institutional Trust Fund Office, described in Title 53D, Chapter 1, School and Institutional Trust Fund Management Act;     (c) the Land Trusts Protection and Advocacy Office, described in this chapter; and     (d) the School LAND Trust Program, described in Sections 53F-2-404 and 53G-7-1206.       (6) "Trust beneficiaries" means those for whose benefit the school and institutional trust is managed and preserved, as required by:   (a) the Utah Enabling Act;     (b) the Utah Constitution; and     (c) state law.      Enacted by Chapter 448, 2018 General Session
UT Code § 53D-2-204 (2021)
2021 Utah Code|Title 53D - School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office|Chapter 2 - Land Trusts Protection and Advocacy Office|Part 2 - Land Trusts Protection and Advocacy Office|Section 204 - Land Trusts Protection and Advocacy Account -- Funding of advocacy office operations.

 Effective 5/14/2019  53D-2-204. Land Trusts Protection and Advocacy Account -- Funding of advocacy office operations.    (1) As used in this section:   (a) "Account" means the Land Trusts Protection and Advocacy Account created in this section.     (b) "School and Institutional Trust Fund Office director" or "SITFO director" means the director of the School and Institutional Trust Fund Office, appointed under Section 53D-1-401.     (c) "Trust fund" means the same as that term is defined in Section 53D-1-102.     (d) "Trust fund earnings" means the same as that term is defined in Section 53D-1-203.       (2) There is created an enterprise fund known as the Land Trusts Protection and Advocacy Account.     (3) The account is funded by money deposited into the account as provided in Subsection (4).     (4)   (a) Except as provided in Subsection (4)(c), the SITFO director shall deposit into the account a total amount of money, taken proportionately from trust fund earnings according to the value of the various funds established for the trust beneficiaries, that is equal to the annual appropriation that the Legislature makes to the advocacy office.     (b) The advocacy office may use money in the account to pay for the advocacy office's operating costs.     (c) If the amount of money deposited into the account under Subsection (4)(a) in any fiscal year exceeds the amount required by the advocacy office during that fiscal year to fund advocacy office operations, the SITFO director shall, in the following fiscal year, reduce the amount deposited into the account under Subsection (4)(a) by the amount of the unspent appropriation.      Amended by Chapter 191, 2019 General Session
UT Code § 53E-1-101 (2021)
2021 Utah Code|Title 53E - Public Education System -- State Administration|Chapter 1 - Title Provisions|Part 1 - General Provisions|Section 101 - Title.

 Effective 1/24/2018  53E-1-101. Title.    (1) This title is known as "Public Education System -- State Administration."     (2) This chapter is known as "Title Provisions."    Enacted by Chapter 1, 2018 General Session