05 LC 21
8099/AP
House
Bill 319 (AS PASSED HOUSE AND SENATE)
By:
Representatives Bridges of the
10th,
Golick of the
34th,
Cummings of the
16th,
and Coleman of the
97th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-20-84 of the Official Code of Georgia Annotated, relating
to large retirement systems, so as to provide that such retirement systems may
invest in certain types of securities; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 47-20-84 of the Official Code of Georgia Annotated, relating to large
retirement systems, is amended by inserting at the end thereof a new subsection
to read as follows:
"(e)
Subject to all other limitations in this chapter, a large retirement system may
invest in securities issued by a unit investment trust or an open-end
company:
(1)
That is listed on a securities exchange;
(2)
The assets of which consist of securities managed so that the fund replicates a
listed index or specific market sector;
(3)
In which continuous markets are quoted by market makers in the applicable unit
investment trust or open-end company; and
(4)
That has the capability of creating or redeeming shares as necessary to reflect
demand."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.