The board’s primary responsibilities shall include: (1) Establishing an investment policy for the selection of a fund administrator; (2) Selecting a fund administrator to administer the provisions of this article; (3) Giving final approval to allocations of designated capital to the venture capital funds selected by the fund administrator; 1287 10-10-14 (4) Executing and overseeing the contracts of the fund administrator in order to assure compliance with this article; and (5) Establishing a policy with respect to use of capital and profits returned to the state pursuant to the provisions of Code Section 10-10-19. History.