                                 CODE OF VIRGINIA

INVESTMENT OF ASSETS OF THE COMMONWEALTH HEALTH RESEARCH FUND (§ 51.1-124.36)

A. 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.

B. 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.

C. 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.

D. The provisions of &#xA7;&#xA7; 51.1-124.32, 51.1-124.33, 51.1-124.34, and
51.1-124.35 shall apply to the Board&#8217;s activities with respect to funds in
the Commonwealth Health Research Fund.

E. The Board may assess the Commonwealth Health Research Board a reasonable
administrative fee for its services.

HISTORY: 1997, cc. 803, 888, 891; 2007, cc. 700, 711.