{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-124.36.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-124.36.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-124.36.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-124.36.html"}],"law_id":66913,"edition_id":1,"section_id":66913,"structure_id":14014,"section_number":"51.1-124.36","catch_line":"Investment of assets of the Commonwealth Health Research Fund","history":"1997, cc. 803, 888, 891; 2007, cc. 700, 711.","full_text":"A\n\nIn addition to such other powers as shall be vested in the Board, the Board shall have the full power to invest, reinvest, and manage the assets of the Commonwealth Health Research Fund. The Board shall maintain a separate accounting for the assets of the Commonwealth Health Research Fund.B\n\nThe Board shall invest the assets of the Commonwealth Health Research Fund with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The Board shall also diversify such investments so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so.C\n\nNo officer, director, or member of the Board or of any advisory committee of the Retirement System or any of its tax exempt subsidiary corporations whose actions are within the standard of care in subsection B above shall be held personally liable for losses suffered by the Retirement System on investments made under the authority of this section.D\n\nThe provisions of §§ 51.1-124.32, 51.1-124.33, 51.1-124.34, and 51.1-124.35 shall apply to the Board’s activities with respect to funds in the Commonwealth Health Research Fund.E\n\nThe Board may assess the Commonwealth Health Research Board a reasonable administrative fee for its services.","order_by":null,"text":{"0":{"id":242610,"text":"In addition to such other powers as shall be vested in the Board, the Board shall have the full power to invest, reinvest, and manage the assets of the Commonwealth Health Research Fund. The Board shall maintain a separate accounting for the assets of the Commonwealth Health Research Fund.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":242611,"text":"The Board shall invest the assets of the Commonwealth Health Research Fund with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The Board shall also diversify such investments so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":242612,"text":"No officer, director, or member of the Board or of any advisory committee of the Retirement System or any of its tax exempt subsidiary corporations whose actions are within the standard of care in subsection B above shall be held personally liable for losses suffered by the Retirement System on investments made under the authority of this section.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":242613,"text":"The provisions of §§ 51.1-124.32, 51.1-124.33, 51.1-124.34, and 51.1-124.35 shall apply to the Board’s activities with respect to funds in the Commonwealth Health Research Fund.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":242614,"text":"The Board may assess the Commonwealth Health Research Board a reasonable administrative fee for its services.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-124.36\/","history_text":"

This law was first created in 1997. The record of its establishment is cataloged in chapters 803<\/a>, 888<\/a>, and 891<\/a> 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. It has been modified 1 time. 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. That modification is as follows: in 2007, chapters 700<\/a> and 711<\/a>.<\/p>","references":[{"id":83252,"section_number":"32.1-162.28","catch_line":"Commonwealth Health Research Fund established; administration","order_by":null,"url":"\/32.1-162.28\/"}],"refers_to":[{"id":55103,"section_number":"51.1-124.32","catch_line":"Exemption from Public Procurement Act","order_by":null,"url":"\/51.1-124.32\/"},{"id":87307,"section_number":"51.1-124.33","catch_line":"Deposit of trust funds not an investment; authorized deposits","order_by":null,"url":"\/51.1-124.33\/"},{"id":68643,"section_number":"51.1-124.34","catch_line":"Retention of investments that become ineligible","order_by":null,"url":"\/51.1-124.34\/"},{"id":74070,"section_number":"51.1-124.35","catch_line":"Investment provisions exclusive","order_by":null,"url":"\/51.1-124.35\/"}],"permalink":{"id":235169,"object_type":"law","relational_id":66913,"identifier":"51.1-124.36","token":"51.1\/1\/3.1\/51.1-124.36","url":"\/51.1-124.36\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-124.36\/","token":"51.1\/1\/3.1\/51.1-124.36","dublin_core":{"Title":"Investment of assets of the Commonwealth Health Research Fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-124.36","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> In addition to such other powers as shall be vested in the Board<\/span>, the Board<\/span> shall have the full power to invest, reinvest, and manage the assets<\/span> of the Commonwealth Health Research Fund. The Board<\/span> shall maintain a separate accounting for the assets<\/span> of the Commonwealth Health Research Fund. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Board<\/span> shall invest the assets<\/span> of the Commonwealth Health Research Fund with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The Board<\/span> shall also diversify such investments so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> No officer, director, or member<\/span> of the Board<\/span> or of any advisory committee of the Retirement System<\/span> or any of its tax exempt subsidiary corporations whose actions are within the standard of care in subsection B above shall be held personally liable for losses suffered by the Retirement System<\/span> on investments made under the authority of this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The provisions of §§ 51.1-124.32<\/a>, 51.1-124.33<\/a>, 51.1-124.34<\/a>, and 51.1-124.35<\/a> shall apply to the Board<\/span>’s activities with respect to funds in the Commonwealth Health Research Fund. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The Board<\/span> may assess the Commonwealth Health Research Board<\/span> a reasonable administrative fee for its services<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVESTMENT OF ASSETS OF THE COMMONWEALTH HEALTH RESEARCH FUND (\u00a7 51.1-124.36)\n\nA. In addition to such other powers as shall be vested in the Board, the Board\nshall have the full power to invest, reinvest, and manage the assets of the\nCommonwealth Health Research Fund. The Board shall maintain a separate\naccounting for the assets of the Commonwealth Health Research Fund.\n\nB. The Board shall invest the assets of the Commonwealth Health Research Fund\nwith the care, skill, prudence, and diligence under the circumstances then\nprevailing that a prudent person acting in a like capacity and familiar with\nsuch matters would use in the conduct of an enterprise of a like character and\nwith like aims. The Board shall also diversify such investments so as to\nminimize the risk of large losses unless under the circumstances it is clearly\nprudent not to do so.\n\nC. No officer, director, or member of the Board or of any advisory committee of\nthe Retirement System or any of its tax exempt subsidiary corporations whose\nactions are within the standard of care in subsection B above shall be held\npersonally liable for losses suffered by the Retirement System on investments\nmade under the authority of this section.\n\nD. The provisions of §§ 51.1-124.32, 51.1-124.33, 51.1-124.34, and\n51.1-124.35 shall apply to the Board’s activities with respect to funds in\nthe Commonwealth Health Research Fund.\n\nE. The Board may assess the Commonwealth Health Research Board a reasonable\nadministrative fee for its services.\n\nHISTORY: 1997, cc. 803, 888, 891; 2007, cc. 700, 711.","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}}