(1) No later than August 1 of each year, the State Treasurer shall review each public fund, account or trust that receives interest allocation from a pooled investment vehicle to determine if the fund, account or trust that receives interest had no transactional activity, other than the receipt of interest allocation from a pooled investment vehicle, within the prior fiscal year.
(2) Unless the fund, account or trust identified under subsection (1) of this section was created by law that authorized the retention of interest earned or investment earnings, the State Treasurer may preclude its allocation of interest from a pooled interest vehicle.
(3) Unless an amendment to law is required to do so, the State Treasurer, the State Fiscal Officer and the state agency associated with the fund, account or trust identified under subsection (1) of this section, shall close or consolidate the fund, account or trust.