§ 154-213. Appointment of advisers.

The employer and the board of trustees shall have the authority, but shall not be required, to appoint one or more investment advisers or custodians to manage (including the power to acquire and dispose of) all or a designated part of the assets of the trust fund, as provided under O.C.G.A. § 47-1-7. Any investment adviser or custodian must accept such appointment in writing, and the designation shall continue until receipt of notice of the resignation or removal of such investment adviser or custodian (or later effective date specified therein). Any investment adviser or custodian shall have a nominee in whose name securities including, without limitation, bonds, stocks, notes, and other evidence of title to intangible personal property, held by the investment adviser or custodian may be registered. The records of such investment adviser or custodian shall at all times clearly show that such securities are held in an agency capacity and shall indicate the trust as the beneficial owner of the securities. Such investment adviser or custodian shall not be relieved of liability for the safe custody, control, and proper distribution of such securities or the income therefrom by reason of the registration of those securities in the name of any nominee. The authorization of any such investment adviser or custodian to register securities in the name of any nominee shall be in writing and may contain such other restrictions as the board of trustees may deem appropriate. To the extent that such investment adviser or custodian is given discretion and control over all or a designated portion of the assets of the trust fund, the board of trustees shall be under no obligation to invest or otherwise manage such assets except in accordance with the directions of such investment adviser or custodian.

(91-RC-669, § 8.3, 12-18-91)