§ 45-51A-32.39 — Investment Trustee

Alabama § 45-51A-32.39

• Jurisdiction: Alabama
• Title 45: Local Laws
• Ch. 51A: Montgomery County Municipalities
• Art. 3: Montgomery
• Part 3: Employees
• Subpart 2: Firefighters Pension Fund

Text

(a) The board may employ the services of an investment trustee, which shall be such bank or other recognized financial advisory service as the board of trustees may select. The board of trustees may terminate the services of the investment trustee upon 30 days’ written notice to such trustee, and the trustee may likewise terminate its services upon 30 days’ written notice to the board. After receipt of such notice by either party, the investment trustee shall make an accounting within 45 days of the receipt of the notice.
(b) The investment trustee shall have the following powers and duties (but not other):
(1) To retain inventories assets delivered to it by the board so long as such retention appears advisable, including the right to retain investments previously made in its stock, if any, by the board.
(2) To sell, exchange, assign, transfer, and convey any security or property, real or personal (whether in the original inventory or acquired by purchase or otherwise), at public or private sale, at such time and price and upon such terms and conditions (including credit) as it may determine.
(3) To invest and reinvest in such stocks, bonds, and other securities and properties as it may deem advisable, including preferred stocks, common stocks, debentures, and unsecured obligations, undivided interests, interests in investment trusts, mutual funds, legal and discretionary common trust funds, and leases and property either inside or outside of Alabama.
(4) To register and carry any property in its own name or in the name of its nominee or to hold it unregistered but without thereby increasing or decreasing its liability as fiduciary.
(5) To vote in person or by proxy any stock or securities held and to grant such proxies and powers of attorney to such person or persons as it may deem proper. The board shall have the power to vote in person or by proxy any stock in the investment trust.
(6) To consent to and participate in any plan for the liquidation, reorganization, consolidation, or merger of any corporation, any stock or security of which is held.
(7) To receive reasonable compensation for its services. The amount or method of computation to be agreed upon between the board and the investment trustee.
(8) To receive funds or appropriations from the board to be held and administered hereunder, and to have custody of all investments delivered to it.
(9) To pay to the board on duly-authorized vouchers such funds as may be required to make current monthly payments of retirement allowances and expenses.
(c) The powers and duties of the investment trustee shall apply from and after its selection by the board and delivery of assets to it, and the investment trustee shall have no duties in reference to nor any liabilities for any acts or failures to act which occurred prior thereto.

Legislative History

(Acts 1971, No. 1606, p. 2761, § 25.)