Current through Register Vol. 35, No. 11, June 11, 2024
Section 2.82.1.17 - CONDUCT OF BUSINESSA. The business affairs of the board shall be conducted by the director within the authority outlined by the Educational Retirement Act and rules and procedures adopted by the board.B. On behalf of the board, the director is authorized to execute vouchers, delegate others to execute vouchers, buy and sell, or assign, or otherwise acquire or dispose of stocks, bonds, notes, or other securities held by the board, and execute such other documents as may be necessary to the administration of the Educational Retirement Act.C. The director shall obtain the board's approval before requesting a formal opinion interpreting the law from the attorney general. The director may, however, obtain advice, either oral or written, from the attorney general as the need may arise.D. The director is authorized to decide whether the agency will seek lead plaintiff status in securities class action lawsuits in order to insure a timely decision is made in accordance with applicable deadlines set out by the court. The director shall promptly apprise the chair of such decisions. All such decisions shall be presented at the next board meeting and the board may ratify or reject the director's decision. If the board rejects the director's decision, the agency shall seek to remove itself from lead plaintiff status. E. The rules and procedures of the board may be amended or expanded in the following manner: (1) At any regular meeting, the board may request the director to prepare amendments or new rules for action at a subsequent meeting of the board.(2) The director may, at any time, propose amendments or new rules for action at any meeting of the board.(3) Any proposed amendment or new rule shall be drafted by the director and sent to each board member with the agenda for the meeting at which the proposal will be considered, and all proposed rule changes will be sent to all local administrative units, within a reasonable time, prior to being considered by the board.F. Interest rates that are to be set by the board under the Educational Retirement Act may be changed at any meeting of the board but shall at a minimum be set at a board meeting held in the final fiscal quarter of the year.2.82.1.17 NMAC - Rp, 2.82.1.16 NMAC, 11-15-12, Amended by New Mexico Register, Volume XXVI, Issue 11, June 16, 2015, eff. 6/16/2015, Amended by New Mexico Register, Volume XXVIII, Issue 18, September 26, 2017, eff. 9/26/2017