WILLIAM DONALD SCHAEFER, Governor                   Ch. 698

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
whom shall be an appointed trustee of the State Police system,
and 3 of whom shall be appointed or ex officio trustees; and

(ii) 3 members of the public appointed by the
Board of Trustees with the approval of the Board of Public Works
for staggered 4 year terms who are not members or beneficiaries
of any of the several systems and who have had a background of
experience in the management and control of large investment
funds. The Board of Trustees may set additional qualifications
for public members and may adopt rules and regulations relating
to ethical standards and conflicts of interest for public
members.

(b)  The chairman and vice chairman of the Investment
Council shall be designated annually by the Board of Trustees.

(c)  (i) The Investment Council shall supervise the
activities of the State Investment Agency on behalf of the Board
of Trustees.

(ii) The members of the Council shall review
all investment programs to ensure compliance with established
policy.

(iii) The members of the Council shall prepare
an operations manual detailing functions of the Investment
Council and the State Investment Agency, goals and objectives' of
the several investment programs, and policies governing

- 4639 -