Education Code § 54.636

The board must invest the fund’s assets, create written investment objectives, approve the investment plan, and use prudent care when investing. The comptroller must prepare a comprehensive investment plan consistent with the board’s objectives, and the board may hire private investment managers.

Jurisdiction: United States — Texas
Instrument: Code
Version: Undated source snapshot
Language: en
Official source: View official record ↗

fund asset investment investment policy portfolio management

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Provisions of Education Code § 54.636

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54.636
Education Code § 54.636
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The board must invest the fund’s assets, create written investment objectives, approve the investment plan, and use prudent care when investing. The comptroller must prepare a comprehensive investment plan consistent with the board’s objectives, and the board may hire private investment managers.

Sec. 54.636. INVESTMENT OF FUND ASSETS. (a) The board shall invest the assets of the fund. (b) The board may contract with private professional investment managers to assist the board in investing the assets of the fund. (c) The board shall develop written investment objectives concerning the investment of the assets of the fund. The objectives may address desired rates of return, risks involved, investment time frames, and any other relevant considerations. (d) The comptroller shall develop a comprehensive plan for the investment of the assets of the fund consistent with the objectives developed by the board under Subsection (c). The plan shall specify the policies under which the board shall invest the assets of the fund. The board must approve the plan. (e) In making investments of the assets of the fund, the board shall exercise the judgment and care, under the circumstances at the time of the investment, that a person of ordinary prudence, discretion, and intelligence would exercise in the management of the person's own affairs, not for speculation but for making a permanent disposition of funds, considering the probable income from the disposition and the probable safety of capital. Added by Acts 1995, 74th Leg., ch. 1032, Sec. 1, eff. Sept. 1, 1995. Amended by Acts 1997, 75th Leg., ch. 522, Sec. 7, eff. Sept. 1, 1997.

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Education Code § 54.636

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Provisions of Education Code § 54.636

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