Loading chat...
NC H72
Bill
Status
5/19/2011
Primary Sponsor
James Crawford
Click for details
AI Summary
-
Grants six specified North Carolina community colleges (Caldwell, Davidson County, Isothermal, Southeastern, Vance-Granville, and Wilkes) additional flexibility to invest institutional funds beyond existing options under G.S. 115D-58.6
-
Requires boards of trustees to exercise fiduciary duties when managing investments, including acting solely in the college's interest, pursuing adequate returns, applying prudent care and skill, managing conflicts of interest, and limiting costs to appropriate and reasonable amounts
-
Allows boards to establish an Investment Committee of at least three members with financial background and experience in institutional or retail investment management to recommend and monitor investment options
-
Permits boards to invest in any form of investment established by advisors registered with either the Securities and Exchange Commission or the North Carolina Secretary of State's Securities Division and who are members of the Securities Investor Protection Corporation
-
Effective upon becoming law
Legislative Description
Community College Investment Flexibility
Last Action
Ref to Education/Higher Education. If fav, re-ref to Finance
5/23/2011