Arkansas Code Title 24. Retirement and Pensions § 24-8-205. Bank trust funds--Establishment

(1) From time to time, the board shall formulate the policy to be followed in future investment activity;

(2) If the board employs investment counsel with authority to execute transactions, the counsel or money manager shall have full power to hold, purchase, sell, assign, transfer, or dispose of any of the moneys or investments of the system pursuant to the provisions of this section and in accordance with the current investment policy filed with the board;

(3) At least semiannually, the investment counsel shall file with the board a written report setting forth, for the period since its last report, all investments purchased and sold, all receipts and disbursements, and any other transactions concerning system moneys;

(4) At each regular meeting, the board shall examine each written report received from the investment counsel since the last regular meeting;

(5) Anything in this section to the contrary notwithstanding, from time to time the board may direct a specific investment activity and shall be fully responsible for the direction; and

(6) Anything in this section to the contrary notwithstanding, investment activity shall be subject to the terms, conditions, limitations, and restrictions imposed by law upon state public employee retirement plans in the making and disposing of their investments.