§ 70-1-504 — Investment policy - Delegation of responsibility for investment and reinvestment of trust funds - Expenditures - Protection of assets, income, and distributions of trust

Tennessee § 70-1-504

• Jurisdiction: Tennessee
• Title: 70

Text

(a) The trustees shall adopt, in writing, an investment policy or policies authorizing how assets in the trust may be invested. The trust may invest in any security or investment in which the Tennessee consolidated retirement system is permitted to invest; provided, that investments by the trust must be governed by the investment policies and guidelines adopted by the trustees in accordance with this part. The trustees shall delegate to the state treasurer the responsibility for the investment and reinvestment of trust funds in accordance with the policies and guidelines established by the trustees. (b) (1) (A) The corpus of the trust shall not be expended for any purpose. (B) For purposes of this part, the corpus of the trust means: (i) The proceeds from the sale of lifetime sportsman licenses that occurred prior to April 28, 2023; (ii) The proceeds from cash donations or donations of property converted or to be converted to cash; (iii) Such other sources as may be deemed appropriate, including sources that may be specified by law; and (iv) The initial deposit of assets held in the wildlife management endowment fund previously created in accordance with § 70-1-501 as such section existed prior to April 14, 2022, less income existing at the time of the initial deposit. (2) The income received and accruing from the investments of the trust must be spent only for the exclusive benefit of lifetime sportsman license holders, as prescribed in the trust instrument, and to pay the reasonable expenses incurred in administering and investing the trust assets. Income from the trust means all earnings from the trust's investment portfolios from whatever source derived, including, but not limited to, interest, dividends, realized capital gains or losses, and any income previously applied to the corpus of the trust. (c) Notwithstanding any law to the contrary, all assets, income, and distributions of the trust must be protected against the claims of creditors of the state, plan administrators, and plan participants, and are not subject to execution, attachment, garnishment, the operation of bankruptcy, the insolvency laws or other process whatsoever, and any assignment thereof is not enforceable in any court. (d) The funds transferred to the trust may be commingled with, co-invested with, and invested or reinvested with other assets transferred to the trust. All or a portion of the trust may be invested, reinvested, and co-invested with other funds, not a part of the trust, held by the state treasurer, including, but not limited to, assets of the Tennessee consolidated retirement system and the state pooled investment fund established pursuant to title 9, chapter 4, part 6. The state treasurer shall account for such trust funds in one (1) or more separate accounts in accordance with this section and other law. (e) The trust has the powers, privileges, and immunities of a corporation, and all of its business must be transacted, all of its funds invested, and all of its cash and securities and other property held in trust for the purpose for which received.

Legislative History

Amended by 2023 Tenn. Acts, ch. 303, s 2, eff. 4/28/2023. Amended by 2022 Tenn. Acts, ch. 874, s 4, eff. 4/14/2022. Acts 1998, ch. 610, § 2.