§ 16-32-26 - Management of college of pharmacy fund.
SECTION 16-32-26
§ 16-32-26 Management of college ofpharmacy fund. – (a) The general treasurer shall have the care and management of the fund withfull power to regulate the custody and safekeeping of all money and evidencesof property belonging to the fund. The treasurer shall deposit, subject to hisor her order, to the use of this fund, all dividends, interest, or incomearising from it, in any bank or banks, trust company or trust companies, inwhich funds of the state may be lawfully kept. The treasurer may invest andreinvest, in his or her discretion, the money in the fund at any time and thedividends, interest, and income in any securities or investments in which thedeposits in savings banks and participation deposits in banks and trustcompanies may be legally invested. The treasurer may change and vary theinvestments from time to time, and he or she may sell and dispose of anyinvestments made, when necessary to meet the draft of the board of governorsfor higher education as provided in § 16-32-25.
(b) The general treasurer shall, upon the order of thegovernor to do so, transfer to the University of Rhode Island Foundationcreated by act of the general assembly at its January 1957 session all moneyand evidences of property comprising the fund, and then his or her duties withrespect to the fund shall cease, and the foundation shall after this hold andadminister the fund with all the powers and subject to all the duties imposedupon it by the act of the general assembly with respect to other funds held bythe foundation; provided, that the fund shall be held by the foundation as aspecial fund and shall not be mingled with other funds held by the foundation,and the net income of the fund shall be devoted exclusively to the objectspecified in § 16-32-25.