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Louisiana Revised Statutes Tit. 36, § 769. Transfer of boards, commissions, departments, and agencies to Department of the Treasury

Current as of January 01, 2023 | Updated by Findlaw Staff

A. For purposes of this Chapter, references in Chapters 22 and 24 of this Title to the “secretary” shall refer to the state treasurer, references to the “undersecretary” shall refer to the deputy state treasurer for management and finance, and references to an “assistant secretary” shall refer to an assistant state treasurer.

B. The following agencies are transferred to and hereafter shall be within the Department of the Treasury, as provided in R.S. 36:802:

(1) State Bond Commission, including the powers, duties, functions, and responsibilities of any agencies which have been previously transferred to the State Bond Commission (Article VII, Section 8 of the Constitution of Louisiana; Chapter 11 of Subtitle III of Title 39 of the Louisiana Revised Statutes of 1950 and other provisions of the Louisiana Revised Statutes of 1950 that apply to the commission.).

(2) Interim Emergency Board (Article VII, Section 7 of the Constitution of Louisiana; R.S. 39:461 et seq.).

(3) State Medical Disability Board (R.S. 11:219 and other provisions of Title 11 of the Louisiana Revised Statutes of 1950 that apply to the board).

C. (1) The following agencies, and the boards of each, except the Board of Supervisors of Louisiana State University and Agricultural and Mechanical College, are transferred to and shall be within the Department of the Treasury in accordance with the provisions of R.S. 36:801 and Paragraph (2) of this Subsection:

(a) Louisiana State Employees' Retirement System (R.S. 11:401 et seq.).

(b) Louisiana State Police Retirement System (R.S. 11:1301 et seq.).

(c) Louisiana School Employees' Retirement System (R.S. 11:1001 et seq.).

(d) Teachers' Retirement System of Louisiana (R.S. 11:701 et seq.).

(2)(a) Each agency placed within the Department of the Treasury by the provisions of this Subsection shall employ its own executive director and assistant director, if such positions are authorized by any other applicable law, independently of the treasurer, and may employ, appoint, remove, and assign such other personnel as otherwise authorized by law and as necessary to carry out its functions or duties.

(b) The assets of each system shall be held in trust by the fiduciaries who are named to the system's governing board in accordance with the election or appointment procedure outlined in the Louisiana Revised Statutes of 1950 pertinent to that system. Such fiduciaries shall have exclusive authority and discretion to manage and control the assets of the system. The assets of each system shall be held for the exclusive purpose of providing benefits to members of the system and their beneficiaries and defraying reasonable expenses of administering the system.

D. The State Bond and Tax Board is hereby abolished and its powers, duties, functions, and responsibilities are transferred and shall be exercised and performed within the Department of the Treasury to the extent and in the manner as otherwise provided by law.

E. The Louisiana Deferred Compensation Commission (R.S. 42:1301 et seq.) is placed within the Department of Treasury and shall exercise and perform its powers, duties, functions, and responsibilities in the manner provided for agencies transferred in accordance with the provisions of R.S. 36:801.1.

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Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 36, § 769. Transfer of boards, commissions, departments, and agencies to Department of the Treasury - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-36-sect-769/

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