NORTH CAROLINA GENERAL ASSEMBLY
1967 SESSION

CHAPTER 1205
HOUSE BILL 1222

AN ACT TO PROVIDE INVESTMENT COUNSEL FOR THE TRUST FUNDS OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM.

WHEREAS, the General Assembly has granted authority for the investment of a portion of the funds of the Teachers' and State Employees' Retirement System in certain common stocks, with the counsel of an Investment Committee; and
WHEREAS, the system's Board of Trustees and the Investment Committee have retained the service of a reputable investment counseling firm to advise on investments in the common stock portfolio; and
WHEREAS, the complexity of the total investments of the fund grows each year and the yield of the investments is of great importance to the members and to the State: Now, therefore,

The General Assembly of North Carolina do enact:

Section 1.  Section 135-7(a) of the General Statutes is hereby amended by adding the following new paragraph at the end of the Section:
"In order to carry out the duties and exercise the powers imposed and granted by this Section, the Board of Trustees is specifically authorized to retain the services of a reputable investment counseling firm."
Sec. 2.  All laws and clauses of laws in conflict with this Act are hereby repealed.
Sec. 3.  This Act shall become effective July 1, 1967.
In the General Assembly read three times and ratified, this the 6th day of July, 1967.