Bill Summary for H 506 (2025-2026)
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View NCGA Bill Details(link is external) | 2025-2026 Session |
AN ACT TO ENACT THE 2025 STATE INVESTMENT MODERNIZATION ACT, AS RECOMMENDED BY THE STATE TREASURER.Intro. by B. Jones, K. Hall, Ross, Tyson.
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Bill summary
Senate committee substitute to the 2nd edition makes the following changes.
Part I.
Repeals GS 147-66, which required the State Treasurer to have an office in Raleigh, and be there between 10:00 am and 3:00 pm, except for Saturdays, Sundays, periods of travel, and legal holidays.
Part II.
Amends proposed GS 147-71.1 to require that the members of the Investment Authority’s Board of Directors (Board) who are appointed by the Governor and the State Treasurer to be subject to confirmation by the NCGA by joint resolution. No longer requires the State Treasurer to determine the sufficiency of a prospective Board member’s expert knowledge. Adds that a Board member may be removed by the applicable appointment authority for misfeasance, malfeasance, or nonfeasance.
Part IV.
Further amends the language added in GS 126-5 by correcting the cross-reference to the Part under which the North Carolina Investment Authority is established.