North Dakota Century Code Title 21. Governmental Finance § 21-10-02. Board--Powers and duties

1. The board is charged with the investment of the funds enumerated in section 21-10-06. It shall approve general types of securities for investment by these funds and set policies and procedures regulating securities transactions on behalf of the various funds. Representatives of the funds enumerated in section 21-10-06 may make recommendations to the board in regard to investments.

2. The board or its designated agents must be custodian of securities purchased on behalf of funds under the management of the board.

3. The board may appoint an investment director or advisory service, or both, who must be experienced in, and hold considerable knowledge of, the field of investments. The investment director or advisory service shall serve at the pleasure of the board. The investment director or advisory service may be an individual, corporation, limited liability company, partnership, or any legal entity which meets the qualifications established herein. The board may authorize the investment director to lend securities held by the funds. These securities must be collateralized as directed by the board.

4. The board may create investment fund pools in which the funds identified in section 21-10-06 may invest.

5. For purposes of investment of the legacy fund, the board shall give preference to investment firms and financial institutions with a presence in the state.