§ 147-54.5. Investor Protection and Education Trust Fund; administration; limitations on use of the Fund.
§147‑54.5. Investor Protection and Education Trust Fund; administration;limitations on use of the Fund.
(a) The InvestorProtection and Education Trust Fund created in the Department of the Secretaryof State as an expendable trust account to be used by the Secretary of Stateonly for the purposes set forth in this section.
(b) The proceeds of theInvestor Protection and Education Trust Fund shall be used by the Secretary ofState to provide investor protection and education to the general public and topotential securities investors in the State through:
(1) The use of themedia, including television and radio public service announcements and printedmaterials; and
(2) The sponsorship ofeducational seminars, whether live, recorded, or through other electronicmeans.
(c) The proceeds of theInvestor Protection and Education Trust Fund shall not be used for:
(1) Travel expenses ofthe Secretary of State or staff of the Department of the Secretary of State,unless those expenses are directly related to specific investor protection andeducation activities performed in accordance with this section.
(2) General operatingexpenses of the Department of the Secretary of State, or to supplement GeneralFund appropriations to the Department of the Secretary of State for other thaninvestor education and protection activities.
(3) Promoting theSecretary of State or the Department of the Secretary of State.
(d) Expenditures fromthe Investor Protection and Education Trust Fund shall be made in compliancewith State purchasing and contracting requirements for competitive bidding inaccordance with the provisions of Article 3 of Chapter 143 of the GeneralStatutes.
(e) Revenues derivedfrom consent orders resulting from negotiated settlements of securitiesinvestigations by the Secretary of State shall be credited to the Fund. TheState Treasurer shall invest the assets of the Fund according to law. Anyinterest or other investment income earned by the Investor Protection andEducation Trust Fund shall remain in the Fund. The balance of the InvestorProtection and Education Trust Fund at the end of each fiscal year shall notrevert to the General Fund.
(f) Beginning January1, 1997, the Department of the Secretary of State shall report annually to theGeneral Assembly's Fiscal Research Division and to the Joint LegislativeCommission on Governmental Operations on the expenditures from the InvestorProtection and Education Trust Fund and on the effectiveness of investorawareness education efforts of the Department of the Secretary of State. (1996,2nd Ex. Sess., c. 18, s. 13.)