The treasurer of the pension board is authorized from time to time to invest and reinvest
the pension fund created by this division in securities lawfully issued by the United
States government, or by the State of Georgia, or in certificates of deposit collateralized
by such securities. In addition, the treasurer, subject to the approval of the pension
board, is authorized to invest and reinvest not more than 50 percent of the assets
of the pension fund in corporate bonds, preferred stock, common stock, or other equities,
not to include real estate. The treasurer shall have full power to hold, purchase,
sell, assign, transfer, and dispose of any of the securities and investments in which
any of the assets of the system are invested, including the proceeds of any investment
in any money belonging to the system. The board is hereby authorized to employ an
agent or agents including, but not limited to, banks or trust departments thereof,
and enter into contracts therewith for the purpose of making such agent or agents
acting as investment advisors and counselors, making recommendations for investments
and making investments that the board so authorizes.
(Code 1983, § 24-3-38)
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