2019 New Mexico Statutes
Chapter 6 - Public Finances
Article 8 - Investment of Public Money
Section 6-8-2 - State investment council.
A. There is created a "state investment council". The council shall be composed of:
(1) the governor;
(2) the state treasurer;
(3) the commissioner of public lands;
(4) the secretary;
(5) the chief financial officer of a state institution of higher education appointed by the governor with the advice and consent of the senate;
(6) four members appointed by the New Mexico legislative council with the advice and consent of the senate; provided that no more than two members shall be members of the same political party; and
(7) two members appointed by the governor with the advice and consent of the senate.
B. The chair of the council shall be the governor, and the vice chair shall be selected by the council. All actions of the council shall be by majority vote, and a majority of the members shall constitute a quorum.
C. Members of the council appointed pursuant to Paragraphs (6) and (7) of Subsection A of this section shall be reimbursed per diem and mileage pursuant to the provisions of the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978].
History: 1953 Comp., § 11-2-8.5, enacted by Laws 1957, ch. 179, § 2; 1977, ch. 247, § 96; 1979, ch. 273, § 1; 1981, ch. 264, § 1; 1983, ch. 306, § 2; 2010, ch. 14, § 1.
ANNOTATIONSThe 2010 amendment, effective March 1, 2010, in Subsection A, deleted "three public members appointed by the governor with the advice and consent of the senate"; deleted "the state investment officer; and"; and added Paragraphs (6) and (7); in Subsection B, in the first sentence, after "governor", added the remainder of the sentence; and in the second sentence, after "majority vote, and", deleted "at least three members appointed pursuant to Subsections E and G of this section must be present to" and added "a majority of the members shall"; and in Subsection C, after "appointed pursuant to", added "Paragraphs (6) and (7) of" and after "Subsection", changed "E" to "A".
Temporary provisions. — Laws 2010, ch. 14, § 8 provided:
A. On March 1, 2010, the state investment officer is no longer a member of the state investment council.
B. On the effective date of this act, the three public members serving on the state investment council the day before the effective date of this act are no longer members of the state investment council.
C. Within thirty days of the effective date of the act, four members shall be appointed to the state investment council by the New Mexico legislative council pursuant to Paragraph (6) of Subsection A of Section 6-8-2 NMSA 1978 and shall serve on an interim basis until confirmed by the senate.
D. Within thirty days of the effective date of this act, two members shall be appointed to the state investment council by the governor pursuant to Paragraph (7) of Subsection A of Section 6-8-2 NMSA 1978 and shall serve on an interim basis until confirmed by the senate.
E. The four members appointed pursuant to Subsection C of this section and the two members appointed pursuant to Subsection D of this section shall, by lot, determine the initial terms of office for each position so that one position will be for a term of one year, one position will be for a term of two years, two positions will be for terms of three years, one position will be for a term of four years and one position will be for a tem of five years. Thereafter, the terms shall be for five years.
State investment council is an arm of the state. State ex rel. Nat. Educ. Assn. of N.M. v. Austin, 671 F. Supp. 2d 1249 (D.N.M. 2009).
Powers and rights of council limited to those granted by constitution and statute. — The investment council is a creature of statute, being unknown at common law, and has only those powers and rights granted to it by the constitution and legislative enactment. 1961 Op. Att'y Gen. No. 61-49.
Members of council are public employees, not officers. — The constitutional provisions relative to the investment council do not explicitly provide for the term of the position created, the method of appointment or the specific duties of the position. These matters are left to the legislature, acting within its powers subject to constitutional restrictions. Accordingly, members of the investment council are public employees and not public officers. 1958 Op. Att'y Gen. No. 58-10.
