Title 21 — Governmental Finance
15 chapters · 156 sections in this title.
N.D.C.C. § 21-10-02 Board - Powers and duties
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1. The board is charged with the investment of the funds enumerated in section 21-10-06. It shall approve general types of securities for investment by these funds and set policies and procedures regulating securities transactions on behalf of the various funds. Representatives o…
N.D.C.C. § 21-10-02.1 Board - Policies on investment goals and objectives and asset allocation
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1. The governing body of each fund enumerated in section 21-10-06 shall establish policies on investment goals and objectives and asset allocation for each respective fund. The policies must provide for: a. The definition and assignment of duties and responsibilities to advisory …
N.D.C.C. § 21-10-03 Cooperation with Bank of North Dakota
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Repealed by S.L. 1987, ch. 190, § 14.
N.D.C.C. § 21-10-04 Board - Meetings
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The state investment board shall select one of its members to serve as chair, one to serve as vice chair, and shall meet at the call of the chair or upon written notice signed by two members of the board.
N.D.C.C. § 21-10-05 Investment director - Powers and duties
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Subject to the limitations contained in the law or the policymaking regulations or resolutions adopted by the board, the investment director may sign and execute all contracts and agreements to make purchases, sales, exchanges, investments, and reinvestments relating to the funds…
N.D.C.C. § 21-10-06 Funds under management of board - Accounts
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1. Subject to the provisions of section 21-10-02, the board shall invest the following funds: a. State bonding fund. b. Teachers' fund for retirement. c. State fire and tornado fund. d. Workforce safety and insurance fund. e. Public employees retirement system. f. Insurance regul…
N.D.C.C. § 21-10-06.1 Board - Investment reports
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The board shall annually prepare reports on the investment performance of each fund under its control. The reports must be uniform and must include: 1. A list of the advisory services managing investments for the board. 2. A list of investments at market value, compared to previo…
N.D.C.C. § 21-10-06.2 Investment costs
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The amounts necessary to pay for investment costs, such as investment counseling fees, trustee fees, custodial fees, performance measurement fees, expenses associated with money manager searches, expenses associated with onsite audits and reviews of investment managers, and asset…
N.D.C.C. § 21-10-06.3 Legacy fund disclosure website
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1. The state investment board shall maintain a publicly accessible website containing information regarding all legacy fund investments. 2. The website must list all companies, funds, and other financial mechanisms in which the legacy fund is invested in accordance with state and…
N.D.C.C. § 21-10-07 Legal investments
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The state investment board shall apply the prudent investor rule in investing for funds under its supervision. The "prudent investor rule" means that in making investments the fiduciaries shall exercise the judgment and care, under the circumstances then prevailing, that an insti…
N.D.C.C. § 21-10-07.1 Prudent investor rule - Exception
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Notwithstanding section 21-10-07, for purposes of investment of the legacy fund, the state investment board shall give preference to qualified investment firms and financial institutions with a presence in the state.
N.D.C.C. § 21-10-08 Reserves - Percentage limitations
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In order to meet claims and liabilities, reserves must be established and maintained in each of the funds in accordance with the investment policy and asset allocation established for each fund.
N.D.C.C. § 21-10-08.1 Social investment - Prohibition
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1. As used in this section, "social investment" means the consideration of socially responsible criteria and environmental, social, and governance impact criteria in the investment or commitment of public funds for the purpose of obtaining an effect other than a maximized return …
N.D.C.C. § 21-10-09 Personal profit prohibited - Penalty
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No member, officer, agent, or employee of the state investment board may profit in any manner from transactions on behalf of the funds. Any person violating any of the provisions of this section is guilty of a class A misdemeanor.
N.D.C.C. § 21-10-10 State investment board fund - Cost of operation of board
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Repealed by S.L. 1989, ch. 667, § 13.
N.D.C.C. § 21-10-11 Legacy and budget stabilization fund advisory board
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1. The legacy and budget stabilization fund advisory board is created to develop recommendations for the investment of funds in the legacy fund and the budget stabilization fund to present to the state investment board. 2. The goal of investment for the legacy fund is principal p…
N.D.C.C. § 21-10-12 Legacy fund definitions
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Repealed by S.L. 2025, ch. 555, § 25.
N.D.C.C. § 21-10-13 Legacy earnings fund - State treasurer - Transfers
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Repealed by S.L. 2025, ch. 555, § 25.