§ 21-10-06 — Funds under management of board - Accounts

and set policies and procedures regulating securities transactions on behalf of the
various funds. Representatives of the funds enumerated in section 21-10-06 may
make recommendations to the board in regard to investments.
2. The board or its designated agents must be custodian of securities purchased on
behalf of funds under the management of the board.
3. The board may appoint an investment director or advisory service, or both, who must
be experienced in, and hold considerable knowledge of, the field of investments. The
investment director or advisory service shall serve at the pleasure of the board. The
investment director or advisory service may be an individual, corporation, limited
liability company, partnership, or any legal entity which meets the qualifications

established herein. The board may authorize the investment director to lend securities
held by the funds. These securities must be collateralized as directed by the board.
4. The board may create investment fund pools in which the funds identified in section
21-10-06 may invest.
5. For purposes of investment of the legacy fund, the board shall give preference to
investment firms and financial institutions with a presence in the state.