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O.C.G.A. § 47-17-23 — Special account for funds; investment powers of board; gifts, grants, and bequests | Georgia Code
O.C.G.A. § 47-17-23 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 47 RETIREMENT AND PENSIONS

Section 17. Peace Officers' Annuity and Benefit Fund, 47-17-1 through 47-17-105.

ARTICLE 2 ADMINISTRATION AND MANAGEMENT OF THE ASSETS OF THE FUND

47-17-23. Special account for funds; investment powers of board; gifts, grants, and bequests.

  1. The board shall have such control of the funds provided for in this chapter as is not inconsistent with this chapter and other general laws. All funds received by the board shall be deposited in a special account in the name of the Peace Officers' Annuity and Benefit Fund. The board shall have the authority to expend such funds in accordance with this chapter.
  2. The board shall have full power to invest and reinvest such funds, subject to all the terms, conditions, limitations, and restrictions imposed by Article 7 of Chapter 20 of this title, the "Public Retirement Systems Investment Authority Law." Subject to such terms, conditions, limitations, and restrictions, the board shall have full power to hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments in which any of the funds are invested, including the proceeds of any investments and any money belonging to the fund.
  3. The board may take, by gift, grant, devise, or bequest, any money, real or personal property, or any other thing of value and hold or invest it for the uses and purposes of the fund in accordance with this chapter.
  4. The board is authorized to employ agents, including, but not limited to, banks or trust departments thereof, and to enter into contracts with such agents for their services as investment advisers and counselors, in making recommendations for investments and in making investments if the board so authorizes.

(Ga. L. 1950, p. 50, § 4; Ga. L. 1955, p. 387, § 1; Ga. L. 1956, p. 280, § 4; Ga. L. 1963, p. 262, § 1; Ga. L. 1987, p. 473, § 1; Ga. L. 1997, p. 966, § 4; Ga. L. 2000, p. 2, § 12; Ga. L. 2010, p. 1207, § 65/SB 436.)

The 2010 amendment, effective July 1, 2010, substituted "advisers" for "advisors" in the middle of subsection (d).

Editor's notes.

- Ga. L. 2010, p. 1207, § 1, not codified by the General Assembly, provides that: "The intent of this Act is to repeal obsolete and inoperative provisions and to make certain stylistic corrections in Title 47 of the Official Code of Georgia Annotated. Nothing in this Act shall deny, abridge, increase, renew, revive, or on any way affect any right, benefit, option, credit, or election to which any person was entitled pursuant to such title on June 30, 2010, and the board of trustees of each public retirement system is authorized and directed to provide by regulation for the continuation of any such right, benefit, option, credit, or election not otherwise covered in this Act; provided, however, that any such right, benefit, option, credit, or election shall be subject to the statutory provisions in effect on June 30, 2010."

JUDICIAL DECISIONS

Cited in Cole v. Foster, 207 Ga. 416, 61 S.E.2d 814 (1950); Carter v. Haynes, 228 Ga. 462, 186 S.E.2d 115 (1971).

RESEARCH REFERENCES

Am. Jur. 2d.

- 60A Am. Jur. 2d, Pensions and Retirement Funds, § 1169 et seq.

C.J.S.

- 67 C.J.S., Officers and Public Employees, § 313.

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This Georgia Code resource is curated by Georgia Bar member Graham W. Syfert, a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. For legal consultation, call 904-383-7448.