There is a newer version of this Section
2023
2022
2021
2020
2019 (you are here)
Other previous versions
View our newest version here

2019 New Jersey Revised Statutes
Title 18A - Education
Section 18A:64N-12 - Functions, powers duties relative to investment, reinvestment of certain funds, purchase, sale.

Universal Citation: NJ Rev Stat § 18A:64N-12 (2019)
Previous Next

18A:64N-12 Functions, powers duties relative to investment, reinvestment of certain funds, purchase, sale.

12. All functions, powers and duties relating to the investment or reinvestment of funds other than those funds specified in subsection w. of section 9 of P.L.2017, c.178 (C.18A:64N-9) within the jurisdiction of the board of trustees including the purchase, sale, or exchange of any investments or securities may be exercised and performed by the Director of the Division of Investment in the Department of the Treasury in accordance with the provisions of P.L.1950, c.270 (C.52:18A-79 et seq.) if so authorized by the board. Before any such investment, reinvestment, purchase, sale, or exchange shall be made by the director for or on behalf of the board of trustees, the Director of the Division of Investment shall submit the details thereof to the board, which shall, itself or by its finance committee, within 48 hours, exclusive of Sundays and public holidays, after such submission to it, file with the director its written acceptance or rejection of such proposed investment, reinvestment, purchase, sale, or exchange; and the director shall have authority to make such investment, reinvestment, purchase, sale, or exchange for or on behalf of the board, unless there shall have been filed with him a written rejection thereof by the board or its finance committee as herein provided. The board of trustees shall determine from time to time the cash requirements of the various funds and accounts established by it and the amount available for investment, all of which shall be certified to the State Treasurer and the Director of the Division of Investment.

The finance committee of the board of trustees shall consist of three members of the board who shall be appointed in the same manner and for the same term as other committees of the board are appointed.

L.2017, c.178, s.12.

Previous Next
Disclaimer: These codes may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.