51.1-124.36 - Investment of assets of the Commonwealth Health Research Fund. - Virginia Statutes

§ 51.1-124.36. Investment of assets of the Commonwealth Health Research Fund.

A. In addition to such other powers as shall be vested in the Board, theBoard shall have the full power to invest, reinvest, and manage the assets ofthe Commonwealth Health Research Fund. The Board shall maintain a separateaccounting for the assets of the Commonwealth Health Research Fund.

B. The Board shall invest the assets of the Commonwealth Health Research Fundwith the care, skill, prudence, and diligence under the circumstances thenprevailing that a prudent person acting in a like capacity and familiar withsuch matters would use in the conduct of an enterprise of a like characterand with like aims. The Board shall also diversify such investments so as tominimize the risk of large losses unless under the circumstances it isclearly prudent not to do so.

C. No officer, director, or member of the Board or of any advisory committeeof the Retirement System or any of its tax exempt subsidiary corporationswhose actions are within the standard of care in subsection B above shall beheld personally liable for losses suffered by the Retirement System oninvestments made under the authority of this section.

D. The provisions of §§ 51.1-124.32, 51.1-124.33, 51.1-124.34, and51.1-124.35 shall apply to the Board's activities with respect to funds inthe Commonwealth Health Research Fund.

E. The Board may assess the Commonwealth Health Research Board a reasonableadministrative fee for its services.

(1997, cc. 803, 888, 891; 2007, cc. 700, 711.)