§ 5-1-247. MANAGEMENT OF FUNDS—POWERS AND DUTIES OF BOARD GENERALLY.

(a)

The Board of Trustees shall be the trustees of the several funds created by this title, as provided in §§ 5-1-252, 5-1-253, 5-1-254, 5-1-256, and 5-1-257 of this subtitle, and shall have full power to invest and reinvest such funds, provided, however, in exercising such power, the Board of Trustees shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims, and the Board shall diversify the investment of the several funds to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; the Board shall have full power to hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments in which any of the funds created herein shall have been invested as well as the proceeds of such investments and any moneys belonging to such funds.

(b)

The Board of Trustees is hereby empowered to place securities held by the Board in the name of a partnership to be formed under the laws of the state for the sole and specific purpose of holding such securities as the nominee of the Board of Trustees. There shall be five (5) partners in said partnership: The Director of Budget and Finance, the Deputy Director for Finance, the Investment Supervisor, a member of the Retirement Board other than the Director of Budget and Finance, and a vice-president of the custodial bank, any two (2) of whom may execute documents on behalf of the partnership which shall be necessary or proper to transfer any of such securities. The articles of partnership and any agreement between the partnership and the Board of Trustees shall be prepared by the County Attorney, shall provide that the partnership may act only as the agent of the Board of Trustees, and shall contain such other terms and conditions as the County Attorney may deem appropriate. The partnership is hereby further authorized to enter into agreements with various banks or other financial institutions to guarantee the signatures made on behalf of the partnership or to facilitate transaction settlements and transfers through participation in central security depositories.

(c)

Notwithstanding any provisions of this title to the contrary, on the employer's request, a contribution which was made by a mistake of fact shall be returned to the employer by the Trustees.

(1988 Code, § 23-85) (Bill No. 49-96, § 13, 7-1-1996; Bill No. 32-03, § 1, 6-30-2002, 7-1-2004; Bill No. 36-18 , § 1, 7-1-2018)