{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-124.32.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-124.32.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-124.32.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-124.32.html"}],"law_id":55103,"edition_id":1,"section_id":55103,"structure_id":14014,"section_number":"51.1-124.32","catch_line":"Exemption from Public Procurement Act","history":"1982, c. 580, \u00a7 51-111.24:2; 1985, c. 490; 1989, c. 399; 1990, c. 832, \u00a7 51.1-116; 1991, c. 391; 1994, cc. 4, 85; 2007, c. 65.","full_text":"The selection of services related to the management, purchase, or sale of authorized investments, actuarial services, and disability determination services shall be governed by the standard of care in \u00a7 51.1-124.30 and shall not be subject to the provisions of the Virginia Public Procurement Act (\u00a7 2.2-4300 et seq.).","order_by":null,"text":{"0":{"id":202062,"text":"The selection of services related to the management, purchase, or sale of authorized investments, actuarial services, and disability determination services shall be governed by the standard of care in \u00a7 51.1-124.30 and shall not be subject to the provisions of the Virginia Public Procurement Act (\u00a7 2.2-4300 et seq.).","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14014,"edition_id":1,"name":"Investments","identifier":"3.1","label":"article","depth":3,"order_by":1,"parent_id":13056,"metadata":{},"date_created":"2026-06-26 03:46:36","date_modified":"2026-06-26 03:46:36","permalink":{"id":235139,"object_type":"structure","relational_id":14014,"identifier":"3.1","token":"51.1\/1\/3.1","url":"\/51.1\/1\/3.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13056,"edition_id":1,"name":"Virginia Retirement System","identifier":"1","label":"chapter","depth":2,"order_by":1,"parent_id":12947,"metadata":{},"date_created":"2026-06-26 03:44:11","date_modified":"2026-06-26 03:44:11","permalink":{"id":235031,"object_type":"structure","relational_id":13056,"identifier":"1","token":"51.1\/1","url":"\/51.1\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12947,"edition_id":1,"name":"Pensions, Benefits, and Retirement","identifier":"51.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:04","date_modified":"2026-06-26 03:44:04","permalink":{"id":235029,"object_type":"structure","relational_id":12947,"identifier":"51.1","token":"51.1","url":"\/51.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":84073,"structure_id":14014,"section_number":"51.1-124.30","catch_line":"Board as trustee of funds; investments; standard of care; liability for losses","url":"\/51.1-124.30\/","token":"51.1\/1\/3.1\/51.1-124.30","metadata":false},{"id":83324,"structure_id":14014,"section_number":"51.1-124.30:1","catch_line":"Adoption of stress testing and reporting policies","url":"\/51.1-124.30_1\/","token":"51.1\/1\/3.1\/51.1-124.30_1","metadata":false},{"id":62938,"structure_id":14014,"section_number":"51.1-124.31","catch_line":"Pooling of assets for investment","url":"\/51.1-124.31\/","token":"51.1\/1\/3.1\/51.1-124.31","metadata":false},{"id":55103,"structure_id":14014,"section_number":"51.1-124.32","catch_line":"Exemption from Public Procurement Act","url":"\/51.1-124.32\/","token":"51.1\/1\/3.1\/51.1-124.32","metadata":false},{"id":87307,"structure_id":14014,"section_number":"51.1-124.33","catch_line":"Deposit of trust funds not an investment; authorized deposits","url":"\/51.1-124.33\/","token":"51.1\/1\/3.1\/51.1-124.33","metadata":false},{"id":68643,"structure_id":14014,"section_number":"51.1-124.34","catch_line":"Retention of investments that become ineligible","url":"\/51.1-124.34\/","token":"51.1\/1\/3.1\/51.1-124.34","metadata":false},{"id":74070,"structure_id":14014,"section_number":"51.1-124.35","catch_line":"Investment provisions exclusive","url":"\/51.1-124.35\/","token":"51.1\/1\/3.1\/51.1-124.35","metadata":false},{"id":66913,"structure_id":14014,"section_number":"51.1-124.36","catch_line":"Investment of assets of the Commonwealth Health Research Fund","url":"\/51.1-124.36\/","token":"51.1\/1\/3.1\/51.1-124.36","metadata":false},{"id":72241,"structure_id":14014,"section_number":"51.1-124.37","catch_line":"Investment of assets of the Commonwealth's Attorneys Training Fund","url":"\/51.1-124.37\/","token":"51.1\/1\/3.1\/51.1-124.37","metadata":false},{"id":57703,"structure_id":14014,"section_number":"51.1-124.38","catch_line":"Repealed","url":"\/51.1-124.38\/","token":"51.1\/1\/3.1\/51.1-124.38","metadata":false},{"id":59752,"structure_id":14014,"section_number":"51.1-124.39","catch_line":"Investment of assets of the Line of Duty Death and Health Benefits Trust Fund","url":"\/51.1-124.39\/","token":"51.1\/1\/3.1\/51.1-124.39","metadata":false},{"id":67951,"structure_id":14014,"section_number":"51.1-124.40","catch_line":"Investment of assets of the Opioid Abatement Fund","url":"\/51.1-124.40\/","token":"51.1\/1\/3.1\/51.1-124.40","metadata":false}],"previous_section":{"id":62938,"structure_id":14014,"section_number":"51.1-124.31","catch_line":"Pooling of assets for investment","url":"\/51.1-124.31\/","token":"51.1\/1\/3.1\/51.1-124.31","metadata":false},"next_section":{"id":87307,"structure_id":14014,"section_number":"51.1-124.33","catch_line":"Deposit of trust funds not an investment; authorized deposits","url":"\/51.1-124.33\/","token":"51.1\/1\/3.1\/51.1-124.33","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-124.32\/","history_text":"<p>This law was first created in 1982. The record of its establishment is cataloged in chapter 580 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1982 \u201cActs\u201d aren\u2019t available online. It has been modified 6 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1985, chapter 490; in 1989, chapter 399; in 1990, chapter 832; in 1991, chapter 391; in 1994, chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?941+ful+CHAP0004\">4<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?941+ful+CHAP0085\">85<\/a>; in 2007, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?071+ful+CHAP0065\">65<\/a>.<\/p>","references":[{"id":66913,"section_number":"51.1-124.36","catch_line":"Investment of assets of the Commonwealth Health Research Fund","order_by":null,"url":"\/51.1-124.36\/"},{"id":72241,"section_number":"51.1-124.37","catch_line":"Investment of assets of the Commonwealth's Attorneys Training Fund","order_by":null,"url":"\/51.1-124.37\/"},{"id":59752,"section_number":"51.1-124.39","catch_line":"Investment of assets of the Line of Duty Death and Health Benefits Trust Fund","order_by":null,"url":"\/51.1-124.39\/"},{"id":67951,"section_number":"51.1-124.40","catch_line":"Investment of assets of the Opioid Abatement Fund","order_by":null,"url":"\/51.1-124.40\/"}],"refers_to":[{"id":70034,"section_number":"2.2-4300","catch_line":"Short title; purpose; declaration of intent","order_by":null,"url":"\/2.2-4300\/"},{"id":84073,"section_number":"51.1-124.30","catch_line":"Board as trustee of funds; investments; standard of care; liability for losses","order_by":null,"url":"\/51.1-124.30\/"}],"permalink":{"id":235153,"object_type":"law","relational_id":55103,"identifier":"51.1-124.32","token":"51.1\/1\/3.1\/51.1-124.32","url":"\/51.1-124.32\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-124.32\/","token":"51.1\/1\/3.1\/51.1-124.32","dublin_core":{"Title":"Exemption from Public Procurement Act","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-124.32","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The selection of <span class=\"dictionary\">services<\/span> related to the management, purchase, or sale of authorized investments, actuarial <span class=\"dictionary\">services<\/span>, and disability determination <span class=\"dictionary\">services<\/span> shall be governed by the standard of care in \u00a7&nbsp;<a class=\"law\" title=\"Board as trustee of funds; investments; standard of care; liability for losses\" href=\"\/51.1-124.30\/\">51.1-124.30<\/a> and shall not be subject to the provisions of the Virginia Public Procurement Act (\u00a7&nbsp;<a class=\"law\" title=\"Short title; purpose; declaration of intent\" href=\"\/2.2-4300\/\">2.2-4300<\/a> et seq.).<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nEXEMPTION FROM PUBLIC PROCUREMENT ACT (\u00a7 51.1-124.32)\n\nThe selection of services related to the management, purchase, or sale of\nauthorized investments, actuarial services, and disability determination\nservices shall be governed by the standard of care in \u00a7 51.1-124.30 and shall\nnot be subject to the provisions of the Virginia Public Procurement Act (\u00a7\n2.2-4300 et seq.).\n\nHISTORY: 1982, c. 580, \u00a7 51-111.24:2; 1985, c. 490; 1989, c. 399; 1990, c. 832,\n\u00a7 51.1-116; 1991, c. 391; 1994, cc. 4, 85; 2007, c. 65.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}