YSC, Title 13.  Taxation & Finance
 
 
 
Chapter 13:  Investment
of State Funds

1301.   Purpose.
1302.   Authorization.
1303.   Limitations.
1304.   Reports.

     1301.  Purpose.
     The purpose of this chapter is to authorize the Governor of the State of Yap to invest funds of the State and to authorize payment to investment advisors and money managers of the funds invested.

Source:  YSL 1-228 1, modified.

Cross-reference:  The statutory provisions on the Executive are found in Title 3 of this Code.

     1302.  Authorization.
     The Governor is hereby authorized to invest funds of the State and to use a portion of the funds to be or already invested or interest earned thereon to compensate investment advisors and money managers of the funds.

Source:  YSL 1-228 2, modified.

     1303.  Limitations.
     The Governor shall invest the funds in a manner that will not interfere with the right of the Legislature to appropriate the funds invested, or reduce the funds invested thereby defeating the purpose of investment.

Source:  YSL 1-228 3, modified.

     1304.  Reports.
     The Governor shall report annually to the Legislature, and from time to time as requested by the Legislature, the amount paid as compensation to the investment advisors and money managers, the profit realized from the funds already invested, and estimation of profit expected from future investment of funds invested or other funds expected to be invested, and any other relevant information the Legislature may request.

Source:  YSL 1-228 4, modified.

Cross-reference:  The statutory provisions on the Legislature are found in Title 2 of this Code.