(a) The investment pool shall be invested and managed solely in the interest of the participants in the investment pool in a manner consistent with § 35-14-107, the prudent investor rule pursuant to § 35-14-103, the standard of care pursuant to § 35-14-104, and the exercise of reasonable care in delegation of investment and management functions pursuant to § 35-14-111.
(b) All investments purchased belong jointly to the participants in the investment pool and the participants shall share capital gains, income, and losses pro rata.
(c) A participant's principal and income invested in the investment pool shall not constitute the property of the state. The principal and income in the investment pool shall not be commingled with state funds and the state shall have no claim to or against, or interest in such funds. The principal and income in the investment pool shall be preserved, invested, and expended for the benefit of the respective participants.
(d) The state treasurer shall keep a separate account, designated by name and number of each participant. Individual transactions and totals of all investments belonging to each participant shall be recorded in the accounts.
(e) The state treasurer shall report periodically to every participant having a beneficial interest in the investment pool.
(f) The participant shall enter into an agreement with the department of treasury for participation in the investment pool, which shall include fees and expenses assessed by the department against a participant for services related to the investment of the participant's assets.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.