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19-11-1303. Imminent need to enter into partial equity ownership agreement.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-11-1303. Imminent need to enter into partial equity ownership agreement.
(a) In lieu of a review under § 19-11-1302, a partial equity ownership agreement that necessitates immediate formation shall be reviewed by the Office of State Procurement and the Legislative Council under this section.
(b)(1) The board of trustees of a state retirement system may enter into a partial equity ownership agreement or substantially alter the terms of an existing partial equity ownership agreement if the board of trustees passes a resolution that:
(A) Determines an imminent need to immediately form or enter into the partial equity ownership agreement;
(B) Deems it financially appropriate to immediately form or enter into a partial equity ownership agreement; and
(C) Concludes that to forego the opportunity to promptly implement the board of trustees' investment directives under the prudent investor rule as set out in §§ 24-2-610 — 24-2-619 would be inconsistent with the board of trustees' fiduciary duty of care to the retirants.
(2) The board of trustees of the state retirement system shall provide the office and the Legislative Council with a copy of the resolution under subsection (a) of this section within five (5) business days of the passage of the resolution.
(c) For a partial equity ownership agreement reviewed under this section, the retirement system shall submit information to the office and the Legislative Council within thirty (30) days of the passage of the resolution that discloses:
(1) The managing parties to the partial equity ownership agreement;
(2) The state retirement system's interest and ownership in the partial equity ownership agreement;
(3) The reason for the immediate formation or entry into a partial equity ownership agreement;
(4) Jus
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-11-1303
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:19-11-1303
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e262673e83d3c858c37bfadc6af42437b05bdbccb00146b3927278d62b679776
Source location: content.xml paragraph 17772
Stored source content
19-11-1303. Imminent need to enter into partial equity ownership agreement.
(a) In lieu of a review under § 19-11-1302, a partial equity ownership agreement that necessitates immediate formation shall be reviewed by the Office of State Procurement and the Legislative Council under this section.
(b)(1) The board of trustees of a state retirement system may enter into a partial equity ownership agreement or substantially alter the terms of an existing partial equity ownership agreement if the board of trustees passes a resolution that:
(A) Determines an imminent need to immediately form or enter into the partial equity ownership agreement;
(B) Deems it financially appropriate to immediately form or enter into a partial equity ownership agreement; and
(C) Concludes that to forego the opportunity to promptly implement the board of trustees' investment directives under the prudent investor rule as set out in §§ 24-2-610 — 24-2-619 would be inconsistent with the board of trustees' fiduciary duty of care to the retirants.
(2) The board of trustees of the state retirement system shall provide the office and the Legislative Council with a copy of the resolution under subsection (a) of this section within five (5) business days of the passage of the resolution.
(c) For a partial equity ownership agreement reviewed under this section, the retirement system shall submit information to the office and the Legislative Council within thirty (30) days of the passage of the resolution that discloses:
(1) The managing parties to the partial equity ownership agreement;
(2) The state retirement system's interest and ownership in the partial equity ownership agreement;
(3) The reason for the immediate formation or entry into a partial equity ownership agreement;
(4) Justification that the duration of the partial equity ownership agreement is necessary to serve the best interests of the retirants under the prudent investor rule as set out in §§ 24-2-610 — 24-2-619;
(5) The anticipated date of implementation;
(6) The anticipated termination date of the partial equity ownership agreement; and
(7) Other information regarding the terms of the partial equity ownership agreement that the office or the Legislative Council may reasonably require for an adequate review.
(d) As may be reasonably required by the Legislative Council, a member of the board of trustees, the director of the respective state retirement system, or the director's appointee shall appear at the next scheduled meeting of the Legislative Council after the receipt of the information under subsection (c) of this section to present the information and explain the details of the partial equity ownership agreement.
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-11-1302. Review of partial equity ownership agreements.
(a) A partial equity ownership agreement is subject to review by submission of the partial equity ownership agreement to the Office of State Procurement and the Legislative Council under this section.
(b) Since the partial equity ownership agreement is fundamentally and substantially different from a state contract for commodities, goods, and services that are reviewed under the Arkansas Procurement Law, § 19-11-201 et seq., or other contract that is reviewed under subchapters 1-12 of this chapter, and since the partial equity ownership agreement is utilizing retirement trust funds that are not appropriated by the General Assembly, the partial equity ownership agreement is not subject to:
(1) A limitation of the term or duration of the partial equity ownership agreement; or
(2) An annual renewal clause.
(c) When submitting a partial equity ownership agreement for review, the state retirement system shall provide information that includes without limitation:
(1) The managing parties to the partial equity ownership agreement;
(2) The state retirement system's interest and ownership in the partial equity ownership agreement;
(3) The reason for the formation of or entry into the partial equity ownership agreement;
(4) Justification that the duration of the partial equity ownership agreement is necessary to serve the best interests of the retirants under the prudent investor rule as set out in §§ 24-2-610 — 24-2-619;
(5) The anticipated date of implementation of the partial equity ownership;
(6) The anticipated termination date of the partial equity ownership agreement; and
(7) Other information regarding the terms of the partial equity ownership agreement that the office or the Legislative Co
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-11-1302
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 19-11-1302. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-2-610. Prudent investor rule.
(a) Except as otherwise provided in subsection (b) of this section, trustees who invest and manage trust assets owe a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in §§ 24-2-610 — 24-2-619.
(b)(1) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust.
(2) Trustees are not liable to a beneficiary to the extent that the trustees acted in reasonable reliance on the provisions of the trust.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-2-610
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 24-2-610. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-2-619. Language invoking standard of subchapter.
The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this subchapter:
(1) “Investments permissible by law for investment of trust funds”;
(2) “Legal investments”;
(3) “Authorized investments”;
(4) “Using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital”;
(5) “Prudent man rule”;
(6) “Prudent trustee rule”;
(7) “Prudent person rule”; and
(8) “Prudent investor rule”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-2-619
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 24-2-619. This identifies an authority to review, not proof of applicability.