Special Account for Funds; Investment Powers of Board

  1. Law
  2. Georgia Code
  3. Retirement and Pensions
  4. Superior Court Clerks' Retirement Fund of Georgia
  5. Administration and Management of the Assets of the Fund
  6. Special Account for Funds; Investment Powers of Board

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  1. The board shall have control of the funds provided for in this chapter; and all funds received by the board shall be deposited in a special account to the credit of the Superior Court Clerks' Retirement Fund of Georgia. Benefits under this chapter and all administrative expenses shall be paid from such funds. The board shall have authority to expend the funds in accordance with this chapter.
  2. The board of commissioners shall have full power to invest and reinvest the assets of the fund and to purchase, hold, sell, assign, transfer, and dispose of any securities and other investments in which assets of the fund have been invested, any proceeds of any investments, and any money belonging to the fund; provided, however, that such power shall be subject to all terms, conditions, limitations, and restrictions imposed by Article 7 of Chapter 20 of this title, the "Public Retirement Systems Investment Authority Law."
  3. The board is authorized to employ agents, including, but not limited to, banks or trust departments thereof, and to enter into contracts with such agents for their services as investment advisers and counselors, in making recommendations for investments, and in making investments if the board so authorizes.

(Ga. L. 1952, p. 238, § 3; Ga. L. 1963, p. 263, § 1; Ga. L. 1982, p. 3, § 47; Ga. L. 1998, p. 158, § 2; Ga. L. 2000, p. 2, § 10; Ga. L. 2010, p. 1207, §§ 65, 66/SB 436.)

The 2010 amendment, effective July 1, 2010, substituted "board of commissioners" for "board of trustees" near the beginning of subsection (b) and 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."


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