HARRY HUGHES, Governor

799

(c) A participating municipal corporation may
establish, by law, a separate additional program of interim or
supplemental allowances for a class or classes of its officers
and employees. The program shall be funded by the municipal
corporation separate and apart from any benefits provided under
the provisions of this article.

161.

(1)  There is a State Investment Agency which shall be
responsible for the investment of the funds of the several
systems as specified by the State Investment Council and approved
by the Board of Trustees.

(2)  (a) There shall be an executive director for
investments who shall be the executive and administrative head of
the State Investment Agency and shall be responsible for
planning, directing, coordinating, and executing the functions of
the Agency in conformance with regulations and policies
established by the Board of Trustees. The executive director for
investments shall be appointed by the Board of Trustees and shall
serve at the pleasure of the Board. The executive director shall
be qualified by training and prior experience to manage,
administer, and direct the investment of funds [and shall receive
for his services the compensation provided in the budget].

(b)  In the event the executive director for
investments vacates his position or becomes incapacitated, the
chairman of the Board of Trustees, with the advice of members of
the Investment Council, shall appoint an acting executive
director to serve until a permanent appointment is made.

(c)  The executive director, with the approval of the
chairman- of the Board of Trustees, may designate an employee of
his office to temporarily act in his place during any period
requiring his absence for an extended length of time.

(3)  All documents which must be executed by or on behalf of
the Board of Trustees shall be signed by the executive director
or, in the absence or disability of the executive director,
another employee as may be designated in writing by the executive
director with the approval of the chairman of the Board of
Trustees. If a countersignature is required for. any reason, the
executive director, with the approval of the chairman of the
Board of Trustees, shall designate those employees of the Agency
who may sign.

(4)  (a) There is a State Investment Council. The
Investment Council shall consist of 9 members as follows:

(i) 6 members appointed by the Board of
Trustees from among its 15 members for staggered 4 year terms, 1
of whom shall be an elected trustee of the employee system, 1 of
whom shall be an elected trustee of the teachers' system, 1 of