CERTIFICATION
OF ENROLLMENT
SUBSTITUTE
HOUSE BILL 1585
Chapter 161, Laws of 1997
55th Legislature
1997 Regular Session
STATE INVESTMENT
BOARD--DELEGATION OF POWERS
EFFECTIVE DATE: 7/27/97
|
Passed by the House March 6,
1997
Yeas 94 Nays 0
 CLYDE
BALLARD
Speaker of the
House of Representatives
Passed by the Senate April 10, 1997
Yeas 47 Nays 0
|
CERTIFICATE
I, Timothy A. Martin, Chief Clerk of the House of Representatives of
the State of Washington, do hereby certify that the attached is SUBSTITUTE
HOUSE BILL 1585 as passed by the House of Representatives and the Senate
on the dates hereon set forth.
|
|
BRAD OWEN
President of the Senate
|
 TIMOTHY A. MARTIN
Chief Clerk
|
|
Approved April 23, 1997 Place Style On
Codes above, and Style Off Codes below.
|
FILED
April 23, 1997 - 4:16 p.m.
|
|
|
|
|
GARY LOCKE
Governor of the State of Washington
|
Secretary of State
State of Washington
|
_______________________________________________
SUBSTITUTE
HOUSE BILL 1585
_______________________________________________
Passed
Legislature - 1997 Regular Session
State
of Washington 55th Legislature 1997 Regular Session
By
Read
first time 02/26/97.
Authorizing the state investment board to delegate certain
powers and duties.
AN
ACT Relating to the operation of the state investment board; amending RCW
43.33A.030; and adding a new section to chapter 43.33A RCW.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec.
1. RCW
43.33A.030 and 1981 c 3 s 3 are each amended to read as follows:
Trusteeship
of those funds under the authority of the board is vested in the voting members
of the board. The nonvoting members of the board shall advise the voting
members on matters of investment policy and practices.
The
board may enter into contracts necessary to carry out its powers and duties.
The board may delegate any of its powers and duties to its executive director
as deemed necessary for efficient administration and when consistent with the
purposes of ((this 1980 act)) chapter 3, Laws of 1981.
Subject
to guidelines established by the board, the board's executive director may
delegate to board staff any of the executive director's powers and duties
including, but not limited to, the power to make investment decisions and to
execute investment and other contracts on behalf of the board.
NEW
SECTION. Sec. 2. A
new section is added to chapter 43.33A RCW to read as follows:
The
board or its executive director may delegate by contract to private sector or
other external advisors or managers the discretionary authority, as
fiduciaries, to purchase or otherwise acquire, sell, or otherwise dispose of or
manage investments or investment properties on behalf of the board, subject to
investment or management criteria established by the board or its executive
director. Such criteria relevant to particular investments or class of
investment applicable under the board's contract with an advisor or manager
must be incorporated by reference into the contract.
Passed the House March 6, 1997.
Passed the Senate April 10, 1997.
Approved by the Governor
April 23, 1997.
Filed
in Office of Secretary of State April 23, 1997.