2005 Montana Code Annotated - 2-15-1808 — Board of investments - allocation - composition - quasi-judicial.

     2-15-1808. Board of investments -- allocation -- composition -- quasi-judicial. (1) There is a board of investments within the department of commerce.
     (2) Except as otherwise provided in this subsection, the board is allocated to the department for administrative purposes as prescribed in 2-15-121. The board may employ a chief investment officer and an executive director who have general responsibility for selection and management of the board's staff and for direct investment and economic development activities. The board shall prescribe the duties and annual salaries of the chief investment officer, executive director, and six professional staff positions. The chief investment officer, executive director, and six professional staff serve at the pleasure of the board.
     (3) The board is composed of nine members appointed by the governor as prescribed in 2-15-124. The members are:
     (a) one member from the public employees' retirement board, provided for in 2-15-1009, and one member from the teachers' retirement board provided for in 2-15-1010. If either member ceases to be a member of the retirement board, the position of that member on the board of investments is vacant, and the governor shall fill the vacancy in accordance with 2-15-124.
     (b) seven members who will provide a balance of professional expertise and public interest and accountability, who are informed and experienced in the subject of investments, and who are representative of:
     (i) the financial community;
     (ii) small business;
     (iii) agriculture; and
     (iv) labor.
     (4) The board is designated as a quasi-judicial board for the purposes of 2-15-124.

     History: En. Sec. 1, Ch. 581, L. 1987; amd. Sec. 1, Ch. 330, L. 1999.