West Virginia Code 12-6C-8 – Administration of Consolidated Fund
(a) In the administration of the Consolidated Fund continued by this article, the board may:
Terms Used In West Virginia Code 12-6C-8
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Board: means the governing body for the West Virginia Board of Treasury Investments. See West Virginia Code 12-6C-3
- Consolidated fund: means the investment fund continued in section six of this article and transferred to the Board by the West Virginia Investment Management Board for Management and Investment. See West Virginia Code 12-6C-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Director: means any member serving on the Board. See West Virginia Code 12-6C-3
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Participant: means any state government spending unit or political subdivision which transfers moneys to the Board for investment. See West Virginia Code 12-6C-3
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- Securities: means all bonds, notes, debentures or other evidences of indebtedness and other lawful investment instruments. See West Virginia Code 12-6C-3
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
(1) Purchase, retain, hold, transfer and exchange and sell, at public or private sale, the whole or any part of the fund or pools upon any terms and conditions it considers advisable;
(2) Invest and reinvest the fund and pools or any part thereof in fixed income securities as provided in this article;
(3) Carry the securities and other property held in trust either in the name of the board or in the name of its nominee;
(4) Vote, in person or by proxy, all securities held; join in or dissent from and oppose the reorganization, recapitalization, consolidation, merger, liquidation or sale of corporations or property; exchange securities for other securities issued in connection with or resulting from any transaction; pay any assessment or expense which the board considers advisable for the protection of its interest as holder of the securities; exercise any option appurtenant to any securities for the conversion of any securities into other securities; and exercise or sell any rights issued upon or with respect to the securities of any corporation, all upon terms the board considers advisable;
(5) Prosecute, defend, compromise, arbitrate or otherwise adjust or settle claims in favor of or against the board or a director;
(6) Employ and pay from the fund any investment advisors, brokers, counsel, managers and any other assistants and agents the board considers advisable;
(7) Develop, implement and modify an asset allocation plan and investment policy for each fund or pool; and
(8) Create a local government investment pool, a program to purchase certificates of deposit from West Virginia financial institutions that are state depositories and any funds, pools or participant accounts needed.
(b) All income and earnings are free from anticipation, alienation, assignment or pledge by, and free from attachment, execution, appropriation or control by or on behalf of, any and all creditors of any beneficiary by any proceeding at law, in equity, in bankruptcy or insolvency.
(c) The board shall render an annual accounting not more than one hundred twenty days following the close of the fiscal year.