New Jersey § 18a:64-18

§ 18a:64-18.

All functions, powers and duties relating to the investment or reinvestment of funds

within the jurisdiction of the board of trustees, including the purchase, sale or

exchange of any investments or securities, may be exercised and performed by the Director of the Division of Investment in the Department

of the Treasury in accordance with the provisions of P.L.1950, c. 270 ( C. 52:18A-79 et seq. ) if so authorized by the board. Sections 10 and 11 of P.L.1986, c. 42 ( C. 18A:64-18.3 and 18A:64-18.4 ) shall only be applicable in the event of such an election . Before any investment, reinvestment, purchase, sale or exchange shall be made by

the director for or on behalf of the board of trustees, the Director of the Division

of Investment shall submit the details thereof to the board, which shall, itself or

by its finance committee, within 48 hours, exclusive of Sundays and public holidays,

after the submission to it, file with the director its written acceptance or rejection

of the proposed investment, reinvestment, purchase, sale or exchange; and the director

shall have authority to make the investment, reinvestment, purchase, sale or exchange

for or on behalf of the board, unless there shall have been filed with him a written

rejection thereof by the board or its finance committee as herein provided. The board of trustees shall determine from time to time the cash requirements of

the various funds and accounts established by it and the amount available for investment,

all of which shall be certified to the State Treasurer and the Director of the Division

of Investment. All earnings on investments shall be retained by each State college. The finance committee of the board of trustees shall consist of three members of the

board, who shall be appointed in the same manner and for the same term as other committees

of the board are appointed.