30.953. Missouri investment trust created, purpose, powers, duties--board of trustees.
Missouri investment trust created, purpose, powers, duties--board oftrustees.
30.953. 1. There is hereby created and established as aninstrumentality of the state of Missouri, the "Missouri Investment Trust"which shall constitute a body corporate and politic, and shall be managedby a board of trustees as described herein. The purpose of the Missouriinvestment trust shall be:
(1) To receive, hold, manage, invest and ultimately reconvey to thegranting party any funds or property of the state of Missouri which may,from time to time, be transferred to the investment trust pursuant to theterms of a trust agreement with the state of Missouri and the provisions ofsections 30.953 to 30.971. All property, money, funds, investments andrights which may be so conveyed to the investment trust shall be dedicatedto and held in trust for the state of Missouri and no other until such timeas they are reconveyed to the state of Missouri, all as set forth herein;and
(2) To perform other duties assigned by law.
2. The state treasurer, on behalf of the state of Missouri, is herebyauthorized to convey designated funds in the state treasury to the Missouriinvestment trust to be held in trust for the exclusive benefit of the stateof Missouri for a fixed period, pursuant to the terms and conditions of awritten trust agreement and the provisions of sections 30.953 to 30.971,provided that all the following requirements have been met:
(1) Initially, the general assembly passes and the governor signslegislation designating specific funds in the state treasury as being fundswhich, due to their nature and purpose, are intended for long-terminvestment and growth, and accordingly, from which there shall be noappropriations for a period exceeding the longest duration for investmentsby the state treasury pursuant to section 15, article IV of theConstitution of Missouri. Such legislation shall declare that it is theintention and desire of the general assembly that the state treasurer shallconvey, from time to time, the designated funds, in trust, to the Missouriinvestment trust, and shall further declare the maximum time such fundsshall remain in the Missouri investment trust before being reconveyed tothe state treasurer by the investment trust; and
(2) Thereafter, an appropriation by the general assembly authorizingdisbursement of the designated funds from the state treasury to theMissouri investment trust; and
(3) The Missouri investment trust executes a valid, binding trustagreement, sufficient in form and substance to bind the investment trust tohold, maintain, and invest the designated funds, in trust, for theexclusive benefit of the state of Missouri, for the prescribed period,whereupon the investment trust shall reconvey the designated funds and anyearnings thereon to the state treasury.
3. The investment trust may hold and invest funds so designated inorder to satisfy the specific long-term investment goals of such funds, butthe investment trust shall not be utilized to invest idle general revenuefunds of the state treasury. No more than one hundred million dollars, inaggregate, may be conveyed to the investment trust pursuant to sections30.953 to 30.971. Total assets under management by the investment trustmay exceed one hundred million dollars, but no new funds may be conveyed tothe investment trust until such time as previous existing transfers to theinvestment trust total less than one hundred million dollars.
4. The board of trustees of the investment trust shall consist of thestate treasurer, who shall serve as chairman, the commissioner ofadministration, one member appointed by the speaker of the house ofrepresentatives, one member appointed by the president pro tem of thesenate and three members to be selected by the governor, with the adviceand consent of the senate. The persons to be selected by the governorshall be individuals knowledgeable in the areas of banking, finance or theinvestment and management of public funds. Not more than two of themembers appointed by the governor shall be from the same political party.The initial members of the board of trustees appointed by the governorshall serve the following terms: one shall serve two years, one shallserve three years, and one shall serve four years, respectively.Thereafter, each appointment shall be for a term of four years. If for anyreason a vacancy occurs, the governor, with the advice and consent of thesenate, shall appoint a new member to fill the unexpired term. Members areeligible for reappointment.
5. Five members of the board of trustees of the investment trustshall constitute a quorum. No vacancy in the membership of the board oftrustees shall impair the right of a quorum to exercise all the rights andperform all the duties of the board of trustees of the investment trust.No action shall be taken by the board of trustees of the investment trustexcept upon the affirmative vote of at least four of the members of theboard where a quorum is present.
6. The board of trustees shall meet within the state of Missouri atthe time set at a previously scheduled meeting or by the request of anyfour members of the board. Notice of the meeting shall be delivered to allother trustees in person or by depositing notice in a United States postoffice in a properly stamped and addressed envelope not less than six daysprior to the date fixed for the meeting. The board may meet at any time byunanimous mutual consent. There shall be at least one meeting in eachquarter.
7. In the event any trustee other than the state treasurer or thecommissioner of administration fails to attend three consecutive meetingsof the board, unless in each case excused for cause by the remainingtrustees attending such meetings, such trustee shall be considered to haveresigned from the board and the chairman shall declare such trustee'soffice vacated, and the vacancy shall be filled in the same manner asoriginally filled.
8. Each member of the board of trustees appointed by the governor,unless prohibited by law, is entitled to compensation of fifty dollars perdiem plus such member's reasonable and necessary expenses actually incurredin discharging such member's duties pursuant to sections 30.953 to 30.971.
(L. 1997 S.B. 449, A.L. 1999 H.B. 965)