HB2880: Health Research Fund; investment of moneys therein would be governed by certain provisions.
Be it enacted by the General Assembly of Virginia:
1. That § 51.1-124.36 of the Code of Virginia is amended and reenacted as follows:
§ 51.1-124.36. Investment of assets of the Commonwealth Health Research Fund.
A. In addition to such other powers as shall be vested in the Board, the Board shall have the full power to invest, reinvest, and manage the assets of the Commonwealth Health Research Fund. The Board shall maintain a separate accounting for the assets of the Commonwealth Health Research Fund.
B. The Board shall invest the assets of the Commonwealth Health Research Fund with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The Board shall also diversify such investments so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so.
C. No officer, director, or member of the Board or of any advisory committee of the Retirement System or any of its tax exempt subsidiary corporations whose actions are within the standard of care in subsection B above shall be held personally liable for losses suffered by the Retirement System on investments made under the authority of this section.
D. The provisions of §§ 51.1-124.32, 51.1-124.33, and
51.1-124.34, and 51.1-124.35 shall apply to the
Board's activities with respect to funds in the Commonwealth Health Research
Fund.
E. The Board may assess the Commonwealth Health Research Board a reasonable administrative fee for its services.