Appointment and terms of investment council members

The State Investment Council shall consist of eight voting members. Five members of the council shall be appointed by the Executive Board of the Legislative Research Council and the executive board may appoint persons holding public office, appointive or elective, provided that no more than three members of the State Investment Council, at any one time, shall hold public office. Action shall be by majority vote. Each of the members of the State Investment Council shall be appointed for a term of five years. No more than four appointed members may be members of the same political party. In addition to those members appointed by the executive board, the state treasurer, the commissioner of school and public lands, and the executive director of the South Dakota Retirement System shall serve as ex officio voting members. Source: SL 1971, ch 27 , §§ 2, 3; SL 1976, ch 49 ; SL 1977, ch 35 , § 2; SL 1981, ch 28 , § 1; SL 1986, ch 42 , § 1; SL 2016, ch 35 , § 1. 4-5-14 . Council members—Qualifications--Restrictions. The members of the State Investment Council shall be qualified by training and experience in the field of investment or finance. During tenure as a member of the State Investment Council, no member of the council nor the firm of any member may engage in the sale of marketable or public securities to the state, or to any fund thereof, which are invested by the State Investment Council. No member may benefit directly or indirectly from any transaction made by the state investment officer. No member may hold any office, position, or employment in any political party. Except as provided in § 4-5-14.1 , the council may not enter into any contract or transaction with any firm or business in which a council member serves as a principal, shareholder, trustee, director, officer, employee, agent, or independent contractor. Source: SL 1971, ch 27 , § 4; SL 2003, ch 28 , § 1; SL 2020, ch 20 , § 1.