Ala. Admin. Code r. 800-2-3-.09

Current through Register Vol. 43, No. 1, October 31, 2024

Section 800-2-3-.09 - Fiduciary Standards

(1) The fiduciary standards of staff and Board of Control members is to be of the highest degree.

(a) All investments are to be made within the "prudent man" concept of fiduciary trusteeship;

(b) The fiduciary standards are governed by any federal law, Securities and Exchange Commission rulings, and general laws of the State of Alabama, in addition to any specific rulings of the Alabama Ethics Commission such as "Advisory Opinion No. 230."

(2) Members of the Board of Control should be covered with fiduciary liability insurance in the amount and type necessary to cover the carrying out of responsibilities of the Board. Such bond coverage shall be reviewed annually.

Author William T. Stephens, General Counsel, RSA.

Ala. Admin. Code r. 800-2-3-.09

Filed September 30, 1982; effective October 1, 1982.

Statutory Authority:Code of Ala. 1975, § 36-27-23(g).