2-15-1808. Board of investments -- allocation -- composition -- quasi-judicial. (1) There is a board of investments within the department of commerce.
     (2) Except as otherwise provided in this subsection, the board is allocated to the department for administrative purposes as prescribed in 2-15-121. The board may employ an investment officer, an assistant investment officer, and an executive director who have general responsibility for selection and management of the board's staff and for direct investment and economic development activities. The investment officer, assistant investment officer, and executive director serve at the pleasure of the board. The board shall prescribe the duties and annual salaries of the investment officer, assistant investment officer, executive director, and three professional staff positions.
     (3) The board is composed of nine members appointed by the governor as prescribed in 2-15-124. The members are:
     (a) one member from the public employees' retirement board provided for in 2-15-1009 and one member from the teachers' retirement board provided for in 2-15-1010. If either member ceases to be a member of the retirement board, the position of that member on the board of investments is vacant, and the governor shall fill the vacancy in accordance with 2-15-124.
     (b) seven members who will provide a balance of professional expertise and public interest and accountability and who are informed and experienced in the subject of investments and who are representative of:
     (i) the financial community;
     (ii) small business;
     (iii) agriculture; and
     (iv) labor.
     (4) The board is designated as a quasi-judicial board for the purposes of 2-15-124.

     History: En. Sec. 1, Ch. 581, L. 1987.