(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.

(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.

(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.

(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.