79-4-703. Terms of agreement.
Any agreement made pursuant to Section 79-4-702 shall include the following terms:
(1) The foundation shall transfer to the state:
(a) title to any real property acquired by the foundation, upon completion of payment, if any, for the property by the foundation; and
(b) ownership of any artifacts or collections acquired by the foundation.
(2) No fee may be charged to visit the monument.
(3)
(a) Except as provided in Subsections (3)(b) and (3)(c), a member may not receive compensation or financial benefit, directly or indirectly, as a result of the member's service on the board of trustees.
(b) A member may receive per diem and expenses incurred in the performance of the member's duties at the rates established by the board of trustees.
(c) A member may deal or contract with the foundation, provided that:
(i) no person or entity is paid any fee, salary, rent, or other payment of any kind in excess of the fair market value for the service rendered, goods furnished, or facilities or equipment rented; and
(ii) at a meeting of the board of trustees or subcommittee of the board of trustees having authority to authorize or confirm the contract or transaction:
(A) a quorum of the board of trustees or subcommittee is present;
(B) the interest of the member is disclosed;
(C) a majority of the quorum votes to approve the contract or transaction; and
(D) in determining a majority under Subsection (3)(c)(ii)(C), the vote of any member having an interest in the contract or transaction is not counted.
(4) The foundation shall obtain an annual audit prepared:
(a) by an independent public accounting firm; and
(b) in accordance with generally accepted accounting standards.
Renumbered and Amended by Chapter 344, 2009 General Session
