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24-12-201. Definitions — Power to invest.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-12-201. Definitions — Power to invest.
(a) For purposes of this subchapter, “city” means a city of the first class, a city of the second class, and an unincorporated town.
(b) Subject to subsection (c) of this section, a board of trustees of a city nonuniformed employees' pension plan with assets in excess of one hundred thousand dollars ($100,000) shall have full power to:
(1) Invest and reinvest the moneys of the plan; and
(2) Hold, purchase, sell, assign, transfer, or dispose of any of the investments so made and the proceeds of the investments and moneys.
(c) The investments and reinvestments shall only be made in accordance with the prudent investor rule set forth in §§ 24-2-610 — 24-2-619.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-12-201
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:24-12-201
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 17dfbe93caa993c7b1217e63b79924d17f7b934dfc626f2cf8fbc90de1f08a17
Source location: content.xml paragraph 13313
Stored source content
24-12-201. Definitions — Power to invest.
(a) For purposes of this subchapter, “city” means a city of the first class, a city of the second class, and an unincorporated town.
(b) Subject to subsection (c) of this section, a board of trustees of a city nonuniformed employees' pension plan with assets in excess of one hundred thousand dollars ($100,000) shall have full power to:
(1) Invest and reinvest the moneys of the plan; and
(2) Hold, purchase, sell, assign, transfer, or dispose of any of the investments so made and the proceeds of the investments and moneys.
(c) The investments and reinvestments shall only be made in accordance with the prudent investor rule set forth in §§ 24-2-610 — 24-2-619.
Cross-references
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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.