Section 45. Governing board; powers and responsibilities


Latest version.
  • The governing
      board of a cooperative investment agreement  shall  have  the  following
      powers and responsibilities:
        1. administering all aspects of the agreement;
        2.  entering  into those contracts deemed appropriate to assist in the
      management of the agreement;
        3. where authorized under the  agreement:  (a)  delegating  the  daily
      responsibilities   of   making  investment  decisions  pursuant  to  the
      agreement to the chief  fiscal  officer  of  one  of  the  participants,
      provided  that  such delegation shall in no way relieve the board of its
      responsibilities under this article,  and  provided  further  that  such
      chief fiscal officer has an appropriate bond or undertaking, the cost of
      which  shall  be  deemed  to  be  an  expense  incurred  by the board in
      administering the investments made pursuant  to  the  agreement,  in  an
      amount  to  be  determined by the board; or (b) appointing  an executive
      director to assume  the  daily  responsibilities  of  making  investment
      decisions  pursuant  to  the  agreement,  provided that such appointment
      shall in  no  way relieve  the  board  of  its  responsibilities   under
      this  article,  and  provided further that such executive director:  (i)
      serves at the pleasure of the board; (ii) has  been  determined  by  the
      board to be qualified  to  assume  such responsibilities; (iii) shall be
      compensated  in  an amount to be determined by the governing board, such
      compensation being deemed to be an expense  incurred  by  the  board  in
      administering the investments made pursuant to the agreement; (iv) shall
      be  subject  to  such  other  provisions,  described  in  paragraph b of
      subdivision two of section  one  hundred  nineteen-o  of  this  chapter,
      relating  to his or her employment as are included in the agreement; and
      (v) has an appropriate bond or undertaking, the cost of which  shall  be
      deemed  to  be  an  expense  incurred  by the board in administering the
      investments  made  pursuant  to  the  agreement,  in  an  amount  to  be
      determined by the board;
        4.  monitoring compliance with the investment policy established under
      the agreement;
        5. monitoring compliance with  the  maturity  limitations  established
      under the agreement and in this article; and
        6.   monitoring   compliance   with   the   reporting  and  disclosure
      requirements established under the agreement.