Control of Funds; Special Account for Deposit and Payment; Powers Regarding Investments; Power to Employ Agents as Investment Advisers

  1. Law
  2. Georgia Code
  3. Retirement and Pensions
  4. Judges of the Probate Courts Retirement Fund of Georgia
  5. Creation, Administration, and Management of the Assets of the Fund
  6. Control of Funds; Special Account for Deposit and Payment; Powers Regarding Investments; Power to Employ Agents as Investment Advisers

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  1. The board shall have control of all funds provided for in this chapter, and all funds shall be received and disbursed from a special account to the credit of the board. The expenses of administering this fund and the benefits provided for in this chapter shall be paid from such funds. The board shall have authority to expend the funds in accordance with this chapter.
  2. The board shall have full power to invest and reinvest such funds, subject to all the terms, conditions, limitations, and restrictions imposed by Article 7 of Chapter 20 of this title, the "Public Retirement Systems Investment Authority Law." Subject to such terms, conditions, limitations, and restrictions, the board shall have full power to hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments in which any of the funds are invested, including the proceeds of any investments and any money belonging to the fund.
  3. The board is authorized to employ agents, including, but not limited to, banks or trust departments thereof, and to contract with such agents for their services as investment advisers and counselors, making recommendations for investments and making investments if the board so authorizes.

(Ga. L. 1958, p. 185, § 3; Ga. L. 1963, p. 265, § 1; Ga. L. 1982, p. 3, § 47; Ga. L. 1997, p. 966, § 2; Ga. L. 2000, p. 2, § 9; Ga. L. 2010, p. 1207, § 65/SB 436.)

The 2010 amendment, effective July 1, 2010, substituted "advisers" for "advisors" in the middle of subsection (c).

Editor's notes.

- Ga. L. 2010, p. 1207, § 1, not codified by the General Assembly, provides that: "The intent of this Act is to repeal obsolete and inoperative provisions and to make certain stylistic corrections in Title 47 of the Official Code of Georgia Annotated. Nothing in this Act shall deny, abridge, increase, renew, revive, or on any way affect any right, benefit, option, credit, or election to which any person was entitled pursuant to such title on June 30, 2010, and the board of trustees of each public retirement system is authorized and directed to provide by regulation for the continuation of any such right, benefit, option, credit, or election not otherwise covered in this Act; provided, however, that any such right, benefit, option, credit, or election shall be subject to the statutory provisions in effect on June 30, 2010."

RESEARCH REFERENCES

Am. Jur. 2d.

- 60A Am. Jur. 2d, Pensions and Retirement Funds, § 1169 et seq.


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