§12-6-2. Definitions
As used in this article, unless a different meaning clearly appears from the context: (1) "Beneficiaries" means those individuals entitled to benefits from the participant plans;
§12-6-3. West Virginia Investment Management Board Continued; Body Corporate; Trust Fund Board; Trustees; Nomination and Appointment of Trustees, Qualifications and Terms of Appointment, Advice and Consent; Annual and Other Meetings; Designation of Representatives and Committees; Board Meetings With Committees Regarding Investment Policy Statement Required; Open Meetings, Qualifications
(a) There is hereby continued the West Virginia investment management board. The board is created as a public body corporate and established to provide prudent fiscal administration, investment and management for the funds of the participant plans and any other funds managed by the board. (b) The board shall be governed by a board of […]
§12-6-4. Management and Control of Fund; Officers; Staff; Fiduciary or Surety Bonds for Trustees; Liability of Trustees
(a) The management and control of the board shall be vested solely in the trustees in accordance with the provisions of this article. (b) The Governor shall be the chairman of the board and the trustees shall elect a vice chairman who may not be a constitutional officer or his or her designee to serve […]
§12-6-5. Powers of the Board
The board may exercise all powers necessary or appropriate, in accordance with the provisions of the West Virginia Uniform Prudent Investor Act, codified as article six-c, chapter forty-four of this code and section eleven of this article, to carry out and effectuate its corporate purposes, including, but not limited to, the power to: (1) Adopt […]
§12-6-5a. Legislative Findings and Limitation on Certain Board Actions
(a) The Legislature hereby finds and declares that, during the period beginning August 1, 1984, and ending on January 31, 1989, certain overapportionments or overpayments of interest earnings were made by the board of investments to local government participants in the consolidated investment fund local government account. The Legislature also finds and declares that said […]
§12-5-5. Protection and Handling of Securities
(a) The noncash securities retained in the treasury shall be kept in a vault. The treasurer shall use due diligence in protecting the securities against loss from any cause. The treasurer shall designate certain employees to take special care of the securities. Only the treasurer and the designated employees may have access to the securities, […]
§12-5-6. When Notes Deemed Securities; Appraisal
(a) Whenever, by statute of this state, any public official, board, commission or department of this state is charged with the approval of securities required as collateral for the deposit of public or other funds, or required to be deposited with the State Treasurer, or an investment of capital or surplus or a reserve or […]
§12-5-7. Treasurer as Financial Advisor; Selection of Necessary Parties; Employment of Bond Counsel
Unless otherwise specifically provided by law, the treasurer may select or serve as financial advisor for all bonds, notes, certificates of participation, certificate transactions and all other forms of securities and indebtedness issued by the state through its departments, commissions, boards or agencies after July 1, 1997. Unless otherwise specifically provided by law, the Governor […]
§12-6-1. Purposes and Objects; How Article Cited
This article, which may be cited as the "West Virginia Investment Management Act", is enacted to modernize the procedures for the investment of funds of the state and its political subdivisions for the purpose of increasing the investment return of those funds.
§12-6-1a. Legislative Findings
(a) The Legislature hereby finds and declares that all the public employees covered by the Public Employees Retirement System, the Teachers Retirement System, the West Virginia State Police Retirement System, the Death, Disability and Retirement Fund of the Division of Public Safety, the Judges' Retirement System and the Deputy Sheriffs Retirement System should benefit from […]