Section Ret 401.06 - Application of the Code(a) The intentions and motives as well as the extrinsic acts of those persons covered by the code shall be considered when applying the code.(b) The principal responsibility for adherence to the provisions of the code shall rest with those persons covered by the code. Ignorance or lack of knowledge of the provisions of the code shall not be a defense to a violation of the code.(c) In determining whether a violation of the code has occurred, there shall be a rebuttable presumption that any trustee, member of the investment committee, or staff employee acting in good faith reliance on an opinion of independent legal counsel procured by the board of trustees has not violated the code with respect to the ethical issue that is the subject of such opinion. However, in no event shall an opinion of independent legal counsel be binding on the board of trustees, the investment committee, or any staff employee.(d) The request for an opinion by independent legal counsel under Ret. 401.06(c) shall establish an attorney-client relationship between such counsel and the board of trustees with regard to the subject matter of the board of trustees' request for the opinion. The initial request for an opinion, the documentation setting forth the factual circumstances of the situation giving rise to the request for the opinion, and any resulting opinion shall not be public information unless such confidentiality is waived by vote of the board of trustees or is determined to be public information by a court of competent jurisdiction.(e) Each trustee and member of the investment committee shall have an affirmative duty to remedy violations of the code about which he or she has knowledge.(f) Violations of the code by trustees, members of the investment committee, staff employees, and outside service providers shall be determined by: (1) An administrative hearing held in accordance with Ret 200; or(2) A court of competent jurisdiction in the State of New Hampshire.N.H. Admin. Code § Ret 401.06
Amended by Volume XXXVIII Number 19, Filed May 10, 2018, Proposed by #12512, Effective 4/11/2018, Expires 10/8/2028.Amended by Volume XXXIX Number 06, Filed February 7, 2019, Proposed by #12708, Effective 1/9/2019, Expires 1/9/2029.