(40 ILCS 5/16-179.1)
(from Ch. 108 1/2, par. 16-179.1)
transfer investment functions and securities. The board may, by resolution
duly adopted by a majority
vote of its membership, transfer to the Illinois State Board of Investment
created by Article 22A, for management and administration, all
investments owned by the system of every kind and character.
of such transfer, the authority of the board to make investments
shall terminate. Thereafter, all investments of the assets
of the system shall be made by the Illinois State Board of
Investment in accordance with
the provisions of Article 22A.
Such transfer shall be made not later than the first day of the fourth
month next following the date of such resolution. Before such transfer an
audit of such investments shall be completed by a certified public
accountant selected by the Illinois State Board of Investment and approved
by the Auditor General of the State of Illinois. The expense of such audit
shall be defrayed by the board.
(Source: P.A. 83-1440.)