Maine § 17108. - Investment counsel
Full text of Maine Maine Revised Statutes § 17108. — Investment counsel, with citation guidance and answers to common questions.
§ 17108.. Investment counsel
1. Contract. The board may contract with one or more fiduciaries or registered investment advisors. All contracts with fiduciaries or registered investment advisors must have the approval of a majority of the board.
2. Duties. The fiduciary or registered investment advisor has the following duties.
A. The fiduciary or registered investment advisor shall invest and reinvest the funds of the retirement system in accordance with the standards defined in Title 18‑B, sections 802 to 807 and chapter 9. The investment and reinvestment are subject to periodic review by the board. [PL 2003, c. 618, Pt. B, §1 (AMD); PL 2003, c. 618, Pt. B, §20 (AFF).]
B. The fiduciary or registered investment advisor shall inform the board immediately of any changes in its investment philosophy. [PL 1985, c. 801, §§5, 7 (NEW).]
C. The fiduciary or registered investment advisor shall submit reports of the investments and any changes upon request from the board. [PL 1985, c. 801, §§5, 7 (NEW).]
3. Expenses. The expenses incurred in employing one or more fiduciaries or investment advisors shall be charged to earnings received from investments of the retirement system.
Frequently Asked Questions About Maine § 17108.
What does Maine Revised Statutes § 17108. cover?
Section 17108. ("Investment counsel") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 17108.?
A common citation format is "Maine Revised Statutes § 17108." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 17108. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.