Find Legal Information

21-10 State Investment Board

Download pdf

CHAPTER 21-10STATE INVESTMENT BOARD21-10-01. State investment board - Membership - Term - Compensation - Advisorycouncil.1.The North Dakota state investment board consists of the governor, the state<br>treasurer, the commissioner of university and school lands, the director of workforce<br>safety and insurance, the insurance commissioner, three members of the teachers'<br>fund for retirement board or the board's designees who need not be members of the<br>fund as selected by that board, two of the elected members of the public employees<br>retirement system board as selected by that board, and one member of the public<br>employees retirement system board as selected by that board.The director ofworkforce safety and insurance may appoint a designee, subject to approval by the<br>workforce safety and insurance board of directors, to attend the meetings,<br>participate, and vote when the director is unable to attend. The teachers' fund for<br>retirement board may appoint an alternate designee with full voting privileges to<br>attend meetings of the state investment board when a selected member is unable to<br>attend. The public employees retirement system board may appoint an alternate<br>designee with full voting privileges from the public employees retirement system<br>board to attend meetings of the state investment board when a selected member is<br>unable to attend. The members of the state investment board, except elected and<br>appointed officials and the director of workforce safety and insurance or the<br>director's designee, are entitled to receive as compensation sixty-two dollars and fifty<br>cents per day and necessary mileage and travel expenses as provided in sections<br>44-08-04 and 54-06-09 for attending meetings of the state investment board.2.The state investment board may establish an advisory council composed of<br>individuals who are experienced and knowledgeable in the field of investments. The<br>state investment board shall determine the responsibilities of the advisory council.<br>Members of the advisory council are entitled to receive the same compensation as<br>provided the members of the advisory board of the Bank of North Dakota and<br>necessary mileage and travel expenses as provided in sections 44-08-04 and<br>54-06-09.21-10-02. Board - Powers and duties. The board is charged with the investment of thefunds enumerated in section 21-10-06. It shall approve general types of securities for investment<br>by these funds and set policies and procedures regulating securities transactions on behalf of the<br>various funds.Representatives of the funds enumerated in section 21-10-06 may makerecommendations to the board in regard to investments. The board or its designated agents<br>must be custodian of securities purchased on behalf of funds under the management of the<br>board. The board may appoint an investment director or advisory service, or both, who must be<br>experienced in, and hold considerable knowledge of, the field of investments. The investment<br>director or advisory service shall serve at the pleasure of the board. The investment director or<br>advisory service may be an individual, corporation, limited liability company, partnership, or any<br>legal entity which meets the qualifications established herein.The board may authorize theinvestment director to lend securities held by the funds. These securities must be collateralized<br>as directed by the board.The board may create investment fund pools in which the fundsidentified in section 21-10-06 may invest.21-10-02.1.Board - Policies on investment goals and objectives and assetallocation.1.The governing body of each fund enumerated in section 21-10-06 shall establish<br>policies on investment goals and objectives and asset allocation for each respective<br>fund. The policies must provide for:Page No. 1a.The definition and assignment of duties and responsibilities to advisory services<br>and persons employed by the board.b.Acceptable rates of return, liquidity, and levels of risk.c.Long-range asset allocation goals.d.Guidelines for the selection and redemption of investments.e.Investment diversification, investment quality, qualification of advisory services,<br>and amounts to be invested by advisory services.f.The type of reports and procedures to be used in evaluating performance.2.The asset allocation for each fund, to be effective, must be approved by the<br>governing body of that fund and the state investment board by January first of each<br>year. If the asset allocation is not approved, the previous asset allocation remains<br>effective. The governing body of each fund shall use the staff and consultants of the<br>retirement and investment office in developing asset allocation and investment<br>policies.21-10-03. Cooperation with Bank of North Dakota. Repealed by S.L. 1987, ch. 190, </p> <BR></DIV><!-- /.col.one --><!-- /.col.two --></DIV><!-- /.col.main --></DIV><!-- /div id = content --> <BR class=clear></DIV> <!-- /div id = livearea --> <DIV></DIV><!-- /.col.one --> <DIV></DIV><!-- /.col.main --> <DIV></DIV><!-- /#content --><BR class=clear> <DIV></DIV><!-- /#livearea --> <!-- Footer--> <DIV id=footer> <DIV class=container> <P class=copyright>Copyright &copy; 2012-2022 Laws9.Com All rights reserved. </P><!-- /.copyright --> <P class=footerlinks><A href="/contactus.html">Contact Us</A> | <A href="/aboutus.html">About Us</A> | <A href="/terms.html">Terms</A> | <A href="/privacy.html">Privacy</A></P><!-- /.footerlinks --> </DIV><!-- /.container --> </DIV><!-- /footer --> </BODY></HTML>