8-37-115 - Entities for purpose of acquiring, holding title to, and collecting income from real property on behalf of retirement system Authority to enter into agreements.
8-37-115. Entities for purpose of acquiring, holding title to, and collecting income from real property on behalf of retirement system Authority to enter into agreements.
(a) The board of trustees is hereby authorized to create one (1) or more not-for-profit corporations, limited liability companies, limited liability partnerships, or trusts for the purpose of acquiring, holding title to, and collecting income from real property on behalf of the retirement system pursuant to § 8-37-104(a)(9). The board is authorized to select a name for any such organization. The organization shall have its own board of directors which shall consist of some or all of the members of the board of trustees. The board of the organization may select its own chair with the approval of the chair of the board of trustees.
(b) The board of trustees is hereby authorized, at its discretion, to transfer funds of the retirement system to any organization created pursuant to this section for the payment of any costs or expenses incidental to the activities of the organization.
(c) An organization created pursuant to this section may enter into such agreements as it may deem necessary or advisable in carrying out any purpose for which the organization was created. Any such agreement shall contain such terms and conditions as the board of directors of the organization may determine, including, without limitation, agreements to indemnify, agreements to pay liquidated damages, warranties of title to real estate and choice of law provisions. Any such agreements authorized herein shall be exempt from the provisions of title 12, chapter 4.
(d) The attorney general and reporter or an assistant designated by the attorney general and reporter shall be the legal advisor of any organization created pursuant to this section. Notwithstanding any other provision of law, in cases where the interest of such organization requires additional counsel to the attorney general and reporter, the chair of the organization, with the approval of the attorney general and reporter, is authorized to employ such additional counsel.
[Acts 1999, ch. 79, § 13; 2000, ch. 871, §§ 3, 4.]