Nac: Chapter 355 - Public Investments

Link to law: http://www.leg.state.nv.us/nac/NAC-355.html
Published: 2015

[Rev. 2/11/2014 12:34:03 PM]

[NAC-355 Revised Date: 1-14]

CHAPTER 355 - PUBLIC INVESTMENTS

INVESTMENTS AND LOANS BY LOCAL GOVERNMENTS

355.100            Loans from investment portfolios of

certain cities or consolidated municipalities.

NEVADA CAPITAL INVESTMENT CORPORATION

355.200            Definitions.

355.210            “Board” defined.

355.220            “Corporation” defined.

355.230            “Fund of Funds Manager” defined.

355.240            Corporation: Name; governance and

officers; quorum; majority vote required to exercise power or function.

355.250            Business Leadership Council:

Establishment; members; powers.

355.260            Confidentiality of information.

355.270            Duties of Board.

355.280            Duties of officers of Corporation.

355.290            Standard of conduct in discharge of

duties and making decisions concerning investments; conflicts of interest;

Corporation may not finance or influence political activities.

355.300            Authorized sources of money;

agreements with public or private investors; restriction on acceptance of

certain investments.

355.310            Fund of Funds Manager: Selection;

duties; fee structure.

355.320            Use of earnings of certain funds to

defray fees of Fund of Funds Manager.

355.330            Requirements relating to private

equity funds in which Corporation invests.

355.340            Placement of investments and

co-investments; commitment of money for investment opportunities; policies and

procedures governing investments.

 

 

 

INVESTMENTS AND LOANS BY LOCAL GOVERNMENTS

      NAC 355.100  Loans from investment portfolios of certain cities or

consolidated municipalities. (NRS 355.178)

     1.  The State Board of Finance will not

authorize the governing body of a city or consolidated municipality whose

population is 25,000 or more but less than 150,000 to lend securities from its

investment portfolio pursuant to NRS

355.178 unless the city or consolidated municipality:

     (a) Has adopted a written policy for investment

which:

          (1) Sets forth the procedures to be used for

such lending; and

          (2) Has been approved by the State Board of

Finance; and

     (b) Uses an agent to manage such lending who meets

the requirements of subsections 2 and 3.

     2.  If all securities received as collateral

from the borrower and investments of cash received as collateral from the

borrower are limited to instruments issued by the Federal Government and its

agencies and to repurchase agreements and money market accounts based upon such

instruments, and those instruments, agreements and accounts will mature no

later than the contractual return date of the loaned securities, the agent

must:

     (a) Be:

          (1) Registered with the Securities and

Exchange Commission under the Investment Advisers Act of 1940, 15 U.S.C. §§

80b-1 et seq., as amended; or

          (2) A bank or trust company which is organized

and either operating or licensed to operate in the United States in accordance

with federal law or the law of any state;

     (b) Be chosen by the city or consolidated

municipality through a formal process of competitive selection;

     (c) Enter into a binding contract with the city or

consolidated municipality which obligates the agent to abide by the terms of

the written policy described in paragraph (a) of subsection 1; and

     (d) Agree with the city or consolidated

municipality to exercise the judgment and care, under the circumstances then

prevailing, which persons of prudence, discretion and intelligence exercise in

the management of their own affairs, not in regard to speculation, but in

regard to the investment of their money, considering the probable income as

well as the probable safety of their capital.

     3.  If any securities received as collateral

from the borrower or investments of cash received as collateral from the

borrower are not limited to the instruments, agreements and accounts described

in subsection 2, the agent must:

     (a) Meet all the requirements set forth in

subsection 2;

     (b) Be operating a securities lending program which

has been in operation for at least 5 years; and

     (c) Have at least five clients participating in its

securities lending program, at least one of whom is a public institution whose

portfolio has a book value of not less than $100,000,000.

     (Added to NAC by St. Bd. of Finance by R069-09, eff. 10-27-2009)

NEVADA CAPITAL INVESTMENT CORPORATION

      NAC 355.200  Definitions. (NRS 355.285)  As used

in NAC 355.200 to 355.340,

inclusive, unless the context otherwise requires, the words and terms defined

in NAC 355.210, 355.220

and 355.230 have the meanings ascribed to them in

those sections.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)

      NAC 355.210  “Board” defined. (NRS 355.285)  “Board”

means the Board of Directors of the Corporation.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)

      NAC 355.220  “Corporation” defined. (NRS 355.285)  “Corporation”

means the Nevada Capital Investment Corporation formed by the State Treasurer

pursuant to subsection 1 of NRS

355.270.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)

      NAC 355.230  “Fund of Funds Manager” defined.

(NRS 355.285)  “Fund of

Funds Manager” means the person selected by the Board pursuant to NAC 355.310 to assist the Corporation in making

investments.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)

      NAC 355.240  Corporation: Name; governance and officers; quorum; majority vote

required to exercise power or function. (NRS 355.285)

     1.  The name of the corporation for public

benefit formed by the State Treasurer pursuant to subsection 1 of NRS 355.270 is the Nevada Capital

Investment Corporation.

     2.  The Corporation must be governed by the

Board appointed pursuant to subsection 2 of NRS 355.270. The Chair of the Board

is the State Treasurer, and the Vice Chair is the member appointed by the

Governor pursuant to subparagraph (1) of paragraph (a) of subsection 2 of NRS 355.270.

     3.  A majority of the members of the Board

who are currently serving constitutes a quorum for the transaction of business

at a meeting of the Board.

     4.  The affirmative vote of a majority of the

members of the Board present at a meeting at which a quorum is present, with

the State Treasurer voting with the majority, is necessary to exercise a power

or function of the Board.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)

      NAC 355.250  Business Leadership Council: Establishment; members; powers. (NRS 355.285)

     1.  Pursuant to subsection 4 of NRS 355.285, the Business

Leadership Council is hereby established.

     2.  The Board may appoint to the Business

Leadership Council leaders of businesses located in this State and

representatives of business development groups in this State. The Board may

appoint as many members of the Council as it deems appropriate.

     3.  The Business Leadership Council may:

     (a) Provide strategic advice and guidance to the

Fund of Funds Manager and the Board.

     (b) Nurture and mentor businesses seeking or

receiving an investment from the Corporation.

     (c) Provide businesses seeking or receiving an investment

from the Corporation with access to the local and international business

relationships of the members of the Council.

     (d) Collaborate with the Nevada System of Higher

Education and other educational institutions, the Board and the Fund of Funds

Manager to develop internship programs pursuant to which students are partnered

with businesses in which the Corporation invests.

     (e) Provide any other support requested by the

Board or the officers of the Corporation to further the goals of the

Corporation.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)

      NAC 355.260  Confidentiality of information. (NRS 355.285)  A member

of the Board or an officer, employee or agent of the Corporation shall not

disclose financial or proprietary information of a business seeking or

receiving an investment from the Corporation, or otherwise related to the

investments of the Corporation, without the consent of the person or entity

that submitted the information, unless:

     1.  The information is disclosed to:

     (a) A member of the Board or the Fund of Funds

Manager; or

     (b) An officer, employee or agent of the

Corporation who needs to know the information to carry out his or her duties;

or

     2.  The disclosure of the information is

required by chapter 239 or 241 of NRS or other applicable law.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)

      NAC 355.270  Duties of Board. (NRS 355.285)  The

Board shall:

     1.  Adopt a policy concerning the appropriate

training of workers and the payment of fair wages and benefits by contractors

retained by a business in which the Corporation directly invests. The officers

of the Corporation shall prepare and submit to the Board a draft of such a

policy. In drafting the policy, the officers of the Corporation shall:

     (a) Define “appropriate training of workers” and

“fair wages and benefits” in such a manner that recognizes the practicalities

of all markets.

     (b) Define “fair wages and benefits” based upon the

following criteria:

          (1) The nature of a project;

          (2) The nature of the jobs or trades required

for a project and comparable job or trade classifications;

          (3) The scope and complexity of the work; and

          (4) Any other factors affecting the relevant

markets in the locality in which the business receiving an investment is

located.

     (c) Consider local practices concerning specific

trades and types of projects to determine a practical standard for determining

fair wages in lieu of the standard wage paid for such trade and projects. In

addition, the policy may require a business in which the Corporation invests to

engage in broad outreach and a competitive bidding process which invites local

trades to suggest contractors whom the local trades believe to be responsible

and qualified for a specific project.

     2.  Establish policies and procedures for the

Corporation, including, without limitation, policies and procedures for:

     (a) The conduct of meetings of the Board.

     (b) Legal representation of the Corporation, the

members of the Board and the officers of the Corporation.

     (c) The allocation of the returns on investments,

including, without limitation, allocations to the State Permanent School Fund.

     (d) The return of the corpus of investments to

investors after a defined investment period of not more than 10 years following

the capital drawdown by the manager of a private equity fund, plus any

extensions authorized by the partnership agreement of the private equity fund

or a majority of the limited partners in the private equity fund.

     3.  Establish investment guidelines for the

Fund of Funds Manager, for private equity funds in which the Corporation

invests and for direct investments and co-investments by the Corporation,

including, without limitation, guidelines for:

     (a) The diversification of investments that

consider the stage of investment, industry sectors, size of investment and

vintage years;

     (b) Negotiating and including in each agreement

governing a venture capital co-investment made by the Corporation a provision

specifying the requirements of the agreement for which a penalty may be imposed

and requiring a penalty to be paid to the Corporation if such a requirement is

not met;

     (c) The fees and other compensation to be paid to

the managers of private equity funds in which the Corporation invests;

     (d) Contract terms to be negotiated with the

managers of private equity funds in which the Corporation invests; and

     (e) The selection of investments to be made by the

Corporation.

     4.  Establish investment performance

benchmarks and objectives.

     5.  Establish the roles and responsibilities

of the Board, the officers of the Corporation, the Office of the State

Treasurer, investment consultants retained by the Corporation, the Office of

the Attorney General, the Fund of Funds Manager and the managers of private

equity funds in which the Corporation invests.

     6.  Establish reporting requirements for the

Fund of Funds Manager and for the investments made by the Corporation.

     7.  Retain an independent audit firm to

conduct audits of the Corporation.

     8.  Collaborate with the Nevada System of

Higher Education and other educational institutions, the Business Leadership

Council established by NAC 355.250 and the Fund of

Funds Manager to develop an internship program pursuant to which students are

partnered with businesses in which the Corporation invests.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)

      NAC 355.280  Duties of officers of Corporation. (NRS 355.285)  The

officers of the Corporation shall:

     1.  Maintain custody of all funds,

securities, contracts, bills of exchange and promissory notes of the

Corporation, and any assignments of property or money, stocks, bonds,

certificates, vouchers, deeds, evidences of indebtedness, indentures and any

other property belonging to, or owed by, the Corporation.

     2.  Carry out the investments of the

Corporation by transferring money from the State Permanent School Fund to the

Fund of Funds Manager or other external asset managers with whom the

Corporation is placing investments.

     3.  On behalf of the Corporation, sign all

papers required by law, the bylaws of the Corporation or the Board, or

designate a signatory to sign such papers.

     4.  On behalf of the Corporation, endorse for

collection checks, notes and other obligations.

     5.  Deposit all money to the credit of the

Corporation in the banks or depository institutions designated by the Board.

     6.  Sign all receipts and vouchers for

payment made by the Corporation.

     7.  Enter regularly into the books of the

Corporation full and accurate accounts of all money received and paid by the

Corporation and, whenever requested by the Board, render a statement of the

cash account of the Corporation.

     8.  Upon reasonable notice and during

business hours, provide access to the books of account of the Corporation to a

member of the Board who requests such access.

     9.  If required by the Board, give bond to

the Corporation conditioned on the faithful performance of the officer’s duties

in such a sum, and with such security, as required by the Board. The

Corporation shall bear the expense of such a bond.

     10.  Keep the minutes of all meetings of the

Board in accordance with chapter 241

of NRS.

     11.  If designated by the Board, attend, act

and vote at a meeting of the stockholders of a corporation in which the

Corporation holds stock. At such a meeting, the officer designated by the Board

possesses and may exercise any rights and powers incident to the ownership of

such stock.

     12.  Perform any other duties established by

the bylaws of the Corporation.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)

      NAC 355.290  Standard of conduct in discharge of duties and making decisions

concerning investments; conflicts of interest; Corporation may not finance or

influence political activities. (NRS 355.285)

     1.  Members of the Board and officers,

employees and agents of the Corporation shall discharge the duties of their

respective positions in a nonpartisan manner, in good faith and with the degree

of diligence, care and skill which an ordinarily prudent person would exercise

in a similar position under similar circumstances. In discharging their duties,

members of the Board and officers, employees and agents of the Corporation may

rely on:

     (a) An opinion of legal counsel for the Corporation

concerning matters reasonably believed to be within the professional competence

of the legal counsel.

     (b) A report of an independent auditor selected by

the Board who provides a report on matters reasonably believed to be within the

professional competence of the auditor.

     (c) Financial statements of the Corporation which

the officer of the Corporation having charge of the books or accounts of the

Corporation represents to be correct or which a certified public accountant has

certified in writing to reflect fairly the financial condition of the

Corporation.

     2.  In making decisions concerning the

investments of the Corporation, the members of the Board shall exercise the

care, skill and caution that an investor of ordinary prudence, discretion and

intelligence would exercise under similar circumstances in a similar position.

     3.  A member of the Board:

     (a) Shall not vote, abstain from voting or

otherwise act upon a matter;

     (b) Shall not participate in the discussions or

deliberations of a matter;

     (c) Must not be present for the portion of a

meeting during which the Board discusses or deliberates a matter or votes upon

a matter; or

     (d) Shall not discuss a matter with another member

of the Board,

Ê if the action

or opinion of the member of the Board would reasonably be affected by his or

her commitment in a private capacity to the interest of another person. If a

member of the Board is prohibited from discussing or taking action on a matter

pursuant to this subsection, immediately before the Board discusses the matter

at a meeting, the member of the Board shall disclose the conflict of interest.

The disclosure must be included in the record of the meeting.

     4.  An officer, employee or agent of the

Corporation shall not take any action with respect to his or her work for the

Corporation which would reasonably be affected by his or her commitment in a

private capacity to the interest of another person and shall disclose to the

Board in writing the existence and nature of such a conflict of interest.

     5.  The Corporation may not make expenditures

or investments to finance or influence political activities. In making

decisions concerning expenditures or investments by the Corporation, the

members of the Board shall not consider whether the recipient of the

expenditure or investment has made a contribution or expenditure which is

subject to the requirements of chapter

294A of NRS.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)

      NAC 355.300  Authorized sources of money; agreements with public or private

investors; restriction on acceptance of certain investments. (NRS 355.285)

     1.  The Corporation may obtain money from:

     (a) The State Permanent School Fund which is

transferred to the Corporation by the State Treasurer pursuant to NRS 355.280.

     (b) Subject to the requirements of subsections 2

and 3, investments from the Nevada System of Higher Education and other public

entities and investments from private individuals, organizations and

businesses.

     (c) Gifts, grants and donations from any source.

     2.  If the Corporation obtains an investment

from a public or private investor pursuant to subsection 1, the Corporation

must enter into an agreement with the investor which states:

     (a) The amount of the investment;

     (b) Any restrictions on the liquidity of the

investment;

     (c) The manner in which distributions from

investments will be made; and

     (d) The management fees and expenses to be paid by

the investor.

     3.  Before entering into an agreement

pursuant to subsection 2, the Corporation must consult with legal counsel concerning

whether the agreement would cause the Corporation to lose its exemption from

the federal income tax. The Corporation may not accept an investment from a

public or private investor pursuant to paragraph (b) of subsection 1 if the

acceptance of the investment will cause the Corporation to lose its exemption

from the federal income tax.

     4.  The Corporation shall maintain a record

of each agreement entered into pursuant to

subsection 2 and make the record available to a member of the

public upon request.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)

      NAC 355.310  Fund of Funds Manager: Selection; duties; fee structure. (NRS 355.285)

     1.  In accordance with chapter 333 of NRS and chapter 333 of NAC, the officers of the

Corporation shall prepare a request for proposals for the selection of the Fund

of Funds Manager and coordinate any activities necessary to present to the

Board the proposals submitted in response to the request for proposals. The

request for proposals must require that a person submitting a proposal

disclose:

     (a) Any conflict of interest;

     (b) All criminal convictions of the person and the

principal personnel of the person;

     (c) Any investigations of the person and the

principal personnel of the person by the Internal Revenue Service, the

Securities and Exchange Commission and any other state or federal agency

charged by law with investigating violations of laws relating to taxation or

securities; and

     (d) All litigation involving the person and the

principal personnel of the person relating to the financial affairs of the

person or the principal personnel.

     2.  The Board shall evaluate proposals

submitted in response to the request for proposals prepared pursuant to

subsection 1 and select the Fund of Funds Manager based on the criteria

established by the Board. The contract between the Corporation and the Fund of

Funds Manager selected by the Board must contain termination and performance

clauses which authorize the Board to terminate the contract based on legal,

performance and qualitative criteria and any other criteria agreed to by the

Board and the Fund of Funds Manager.

     3.  The Fund of Funds Manager shall:

     (a) Establish an office within this State which, at

a minimum, is staffed by a part-time employee who actively seeks opportunities

to invest in businesses located in this State.

     (b) Establish an investment plan for the

Corporation which provides for an asset allocation that:

          (1) Invests not more than $7.5 million of the

Corporation’s capital in a single business and invests not more than $10

million or 20 percent of the capital invested by the Corporation in a single

private equity fund;

          (2) Establishes a diversified portfolio of

private equity investments that may include, without limitation, venture

capital, growth capital, buyout investments, mezzanine financing, distressed

debt or secondary investments in private equity; and

          (3) Promotes investments in qualified

businesses that pursue the primary goal of providing greater investment returns

for the State Permanent School Fund and the secondary goal of promoting

economic development and employment in this State.

     (c) Select private equity funds in which to invest

the Corporation’s money and co-investments and direct investments for the

Corporation in accordance with the guidelines, policies and procedures

established by the Board.

     (d) On behalf of the Corporation, negotiate and

execute partnership agreements with private equity funds in which the money of

the Corporation will be invested and to effectuate co-investments and direct

investments for the Corporation.

     (e) Manage daily activities associated with the

investments of the Corporation.

     (f) Develop relationships with important

constituencies in this State, including, without limitation, governments,

educational institutions, corporations, entrepreneurs, and private equity and venture

capital organizations, and foster cooperation among these institutions and

organizations.

     (g) Work with venture capital and entrepreneurial

organizations to organize regional forums and conferences.

     (h) In accordance with industry standards for due

diligence with respect to private equity funds, perform regular due diligence

of private equity funds in which the Corporation is invested.

     (i) Provide an annual report to the Board

concerning the performance and activities of each private equity fund in which

the Corporation is invested and each co-investment and direct investment of the

Corporation.

     (j) Review the performance of all investments made

by the Corporation pursuant to NRS

355.250 to 355.285,

inclusive, and NAC 355.200 to 355.340, inclusive.

     (k) Execute investment decisions based on the

following criteria:

          (1) Primarily, the probability that a business

will succeed and the expected investment return; and

          (2) Secondarily, the diversification of the

economic base of this State and the generation and retention of jobs and

investment in this State.

     (l) Ensure that 100 percent of the venture capital

co-investments and direct investments of the Corporation are made in businesses

that meet the criteria set forth in subsection 6 of NRS 355.285.

     (m) Ensure that a business relocating to this State

and receiving a venture capital co-investment or direct investment is required:

          (1) To maintain a presence in this State, as evidenced

by the criteria set forth in subsection 6 of NRS 355.285, for a minimum period;

and

          (2) To pay back any investment made by the

Corporation if the business fails to maintain such a presence for the minimum

period.

     (n) Ensure that at least 70 percent of the private

equity funding provided by the Corporation, after the payment of fees to

investment managers, is provided to businesses that meet the criteria set forth

in subsection 2 of NRS 355.280.

     (o) Prepare a draft of the annual report required

by paragraph (d) of subsection 7 of NRS

355.270 and submit the draft to the officers of the Corporation for review.

The officers of the Corporation shall review the draft of the report and submit

it to the Board for approval. The report must provide:

          (1) An accounting of all money received and

expended by the Corporation, including, without limitation, any grants, gifts

and donations received by the Corporation; and

          (2) The name and a brief description of all

funds receiving an investment from the Corporation.

     (p) Perform any other duties established by the contract

between the Corporation and the Fund of Funds Manager.

     4.  The fee structure for the Fund of Funds

Manager may consist of only a management fee and a performance fee. The

management fee may not exceed 1 percent of the committed capital. The performance

fee may not exceed 10 percent of the profits generated by the Corporation’s

investments.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)

      NAC 355.320  Use of earnings of certain funds to defray fees of Fund of Funds

Manager. (NRS 355.285)  To

defray any administrative or management fees charged by the Fund of Funds

Manager pursuant to the contract between the Corporation and the Fund of Funds

Manager, the Corporation may place money in a fixed income mutual fund or

common trust fund approved by the Board. Upon Board approval, the Corporation

may use the earnings of the mutual fund or common trust fund to pay the

administrative or management fees of the Fund of Funds Manager.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)

      NAC 355.330  Requirements relating to private equity funds in which

Corporation invests. (NRS 355.285)

     1.  Private equity funds in which the

Corporation invests:

     (a) May include qualified private equity funds with

an emphasis in venture capital, growth capital, buyout investments, mezzanine

financing, distressed debt or secondary investments in private equity.

     (b) Must be managed by persons who have at least 10

years of experience in commercial banking, private equity investing, mezzanine

funding or venture capital.

     2.  The managers of a private equity fund in

which the Corporation invests have a fiduciary duty to the Corporation with

respect to the Corporation’s investment in the fund.

     3.  The fee structure of a private equity

fund in which the Corporation invests may consist of only a management fee and

a performance fee. The management fee may not exceed 2.5 percent of committed

capital. The performance fee may not exceed 20 percent of the net profits of

the fund and must be distributed in a manner which aligns the interests of the

general partner of the private equity fund and the limited partners of the

fund.

     4.  A private equity fund in which the

Corporation invests must provide to the Fund of Funds Manager an annual

financial statement prepared by an accredited audit firm.

     5.  The Corporation must not be a general

partner in a private equity fund in which the Corporation invests.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)

      NAC 355.340  Placement of investments and co-investments; commitment of money

for investment opportunities; policies and procedures governing investments. (NRS 355.285)

     1.  Subject to the requirements of this

section, upon the approval of a two-thirds majority of the members of the Board

currently serving, with the State Treasurer being in the majority, the

Corporation may:

     (a) Place direct investments and co-investments

with strategic investors.

     (b) Commit money for unique private equity

investment opportunities in this State.

     2.  The Board shall adopt policies and

procedures governing investments made pursuant to this section. Any investment

made pursuant to this section must comply with the policies and procedures

adopted pursuant to this subsection. At a minimum, the policies and procedures

must establish due diligence controls that provide reasonable assurance that any

investments pursuant to this section are likely to meet the investment

performance objectives of the Corporation. The due diligence controls may

include, without limitation:

     (a) Entering into a contract with an investment

advisor, investment consultant or any other person to evaluate an opportunity

for an investment pursuant to this section. The Corporation may not enter into

such a contract with an investment advisor, investment consultant or other

person who has a business or familial relationship with a member of the Board

or the management of a fund or business being evaluated or whose independence

of judgment may reasonably be affected by a commitment to the interests of

another person.

     (b) Entering into a partnership with an

institutional investor that has invested in the opportunity pursuant to which

the Corporation and the institutional investor share analytical resources.

     (c) Establishing requirements for the due diligence

efforts of the State Treasurer’s staff and any subcommittees of the Board that

perform due diligence for investments made pursuant to this section.

     3.  The Corporation may place investments

pursuant to this section with an external asset manager other than the Fund of

Funds Manager or through the Fund of Funds Manager in accordance with the

agreement between the Corporation and the Fund of Funds Manager.

     4.  The Corporation may not invest more than

$10 million pursuant to this section.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)
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