(a)
The Board shall be the trustees of funds created by this Article and shall have full
power to invest and re-invest such funds. Such investments and re-investments shall
be conducted with bona fide discretion and in accordance with the laws of the Commonwealth
of Virginia as such laws apply to fiduciaries investing such funds. The Board may,
upon the exercise of bona fide discretion, employ investment counsel, who shall be
subject to the same limitations herein provided for the Board. Subject to such limitations,
the Board shall have full power to hold, purchase, sell, assign, transfer or otherwise
dispose of any of the securities or investments in which any of the funds created
herein have been invested, as well as the proceeds of such investments and any money
belonging to such funds.
(b)
No trustee shall be personally liable for losses suffered by the System on investments
made under the authority of and in compliance with this Section. (20-81-3; 2-16-3.)
