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O.C.G.A. § 47-2-31 — Investment powers; power to employ agents as investment advisers and to make investments | Georgia Code
O.C.G.A. § 47-2-31 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 47 RETIREMENT AND PENSIONS

Section 2. Employees' Retirement System of Georgia, 47-2-1 through 47-2-360.

ARTICLE 2 CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM

47-2-31. Investment powers; power to employ agents as investment advisers and to make investments.

  1. The board of trustees shall be the trustees of the funds and shall have full power to invest and reinvest the assets of the retirement system and to purchase, hold, sell, assign, transfer, and dispose of any securities and other investments in which assets of the retirement system have been invested, any proceeds of any investments, and any money belonging to the retirement system; provided, however, that such power shall be subject to all terms, conditions, limitations, and restrictions imposed by Article 7 of Chapter 20 of this title, the "Public Retirement Systems Investment Authority Law."
  2. The board of trustees is authorized to employ agents, including, but not limited to, banks or trust departments, and to contract with such agents for their services as investment advisers and counselors who will make recommendations for investments and make investments, if the board of trustees so authorizes.

(Ga. L. 1949, p. 138, § 7; Ga. L. 1963, p. 546, § 1; Ga. L. 1968, p. 1356, § 5; Ga. L. 1995, p. 651, § 1; Ga. L. 2000, p. 2, § 4; Ga. L. 2005, p. 535, § 6/HB 460; Ga. L. 2006, p. 93, § 1/SB 466.)

JUDICIAL DECISIONS

Cited in Ross v. Odom, 401 F.2d 464 (5th Cir. 1968); Teachers Retirement Sys. v. City of Atlanta, 249 Ga. 196, 288 S.E.2d 200 (1982).

OPINIONS OF THE ATTORNEY GENERAL

Board may make legal loans.

- Retirement system, having the same investment powers as domestic insurers pursuant to Ga. L. 1963, p. 546, § 1 (see O.C.G.A. § 47-2-31), may make such loans (so long as the limitations of Ga. L. 1960, p. 289, § 1 (see O.C.G.A. § 33-11-25(a)(1)(D)) are observed), as the board of trustees so desires. 1963-65 Op. Att'y Gen. p. 385.

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