§ 53C-1-301. Director -- Term -- Compensation -- Removal from office.

(1)

(a) The board, with the consent of the governor, shall select the director on the basis of outstanding professional qualifications pertinent to the purposes and activities of the trust.

(b) If the governor withholds his consent from a candidate agreed upon by the board, he shall give his reasons in writing to the board.

(2) The director shall serve a term of four years, or until a successor is selected and qualified.

(3) When a vacancy occurs in the office of the director, the vacancy shall be filled pursuant to Subsection (1) for the remainder of the term.

(4)

(a) The board:

(i) shall establish the compensation of the director; and

(ii) annually report the director's compensation to the Legislature.

(b) The compensation and performance of the director shall be examined each year as part of the board's budget review process.

(5)

(a) The board may remove the director from office for cause by a majority vote of the board.

(b)

(i) The governor may petition the board for removal of the director for cause.

(ii) The board shall hold a hearing on the governor's petition within 60 days after its receipt.

(iii) If after the hearing the board finds by a preponderance of the evidence cause for removal, it shall remove the director from office by a majority vote.

Amended by Chapter 337, 1996 General Session