N.Y. Comp. Codes R. & Regs. tit. 21 § 5027.2

Current through Register Vol. 46, No. 45, November 2, 2024

Section 5027.2 - Real Estate Advisory Committee

(a) Function. The Real Estate Advisory Committee shall advise the Retirement Board on such real estate investment matters as may be presented to the committee by the system.

(b) Membership.

(1) The committee shall be comprised of not less than six members. A committee member's term of office shall be three years and terms shall be staggered to provide stability and continuity. Appointments shall be made by the Retirement Board. Should a member of the committee resign or otherwise be unable to serve, the vacancy shall be filled by the Retirement Board for the remainder of the member's term. The committee chair shall be designated by the system's executive director.

(2) Members of the committee shall be individuals with extensive experience in real estate investment.

(c) Duties. In addition to any duties prescribed by the Retirement Board by resolution, the committee shall provide recommendation to the Retirement Board on traditional conventional mortgages and property specific equity investments as to whether the system should proceed with the investment. On nonproperty specific real estate investments, where the system's executive director determines in his discretion a reference to the committee is appropriate, the committee shall provide a recommendation on a conceptual basis.

(d) Meetings.

(1) The system's executive director, or his/her designee, shall prepare the agenda of each meeting of the committee. The committee shall act only upon the affirmative vote of a majority of the committee members in attendance or who have provided their telephone vote confirmed by mail, facsimile, or other electronic means acceptable to the system, or four members, whichever is greater.

(2) Meetings shall be held at such times as may be determined by the system's executive director, or his/her designee. Minutes shall be prepared and distributed to the participants.

(3) Members of the committee shall be paid a fee established by the Retirement Board, together with actual necessary expenses incurred for attending committee meetings.

(4) In addition to any other procedure for the conduct of meetings of the committee as may be adopted by the Retirement Board by resolution, the committee may act by means of conference telephone or other communications equipment allowing all persons participating in the meeting to hear one another at the same time.

(5) Anything in the foregoing notwithstanding, the committee may act by unanimous vote of its members made by mail, facsimile or other electronic means acceptable to the system in such matters as the executive director, or his/ her designee, in his/her sole discretion may determine.

(e) Conflicts of interest. A committee member shall not participate in any decision or recommendation involving the performance of any action where the performance or nonperformance of such action would provide the member or a related person a pecuniary or material benefit which is different from that which would be provided to a broad class of persons, or in circumstances where the exercise of independent judgment by the member would be restricted or compromised or the member otherwise had a material conflict of interest.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 5027.2