[ Text of section effective until January 1, 2013. Repealed by 2012, 165, Sec. 88. See 2012, 165, Sec. 137.]
Section 5B. There shall be within the department of the state treasurer an investment advisory council, in this section and in section five C called the council, to consist of the state treasurer who shall be a member ex officio and who shall serve as chairman, two members appointed by the governor to serve at his pleasure, two members appointed by the state treasurer for two year terms; provided, however, that initial appointments by the state treasurer shall be for terms of one year and two years, respectively, the executive secretary of the state board of retirement and the executive secretary of the teachers retirement board. Said executive secretaries, however, shall be restricted to voting on matters affecting their respective funds only. All appointed members of the council shall be experienced in one of the fields of financial management, investment or accounting. Members shall serve without compensation but shall be reimbursed for their necessary expenses incurred in the discharge of their official duties.
At such times as it may determine, but, in no event less than annually, the council shall review and evaluate the investment practices of the state treasurer and the investment division. The council shall make such recommendations to the state treasurer as to investment policies and cash management practices and such other related matters as it finds necessary to further the best interests of the commonwealth. The state treasurer shall provide to the council such information, documents, records, and reports as are necessary, in the opinion of the council, for the formulation of said recommendations. The state treasurer shall provide such clerical and other assistance as the council may require.
No public member of the council or his business organization or affiliate shall directly or indirectly contract with or provide any services to the office of the state treasurer for the investment of funds, the issuance of state debt on any terms other than competitive bidding, or the consulting on or auditing of management practices during such member's term on the council or for one year thereafter.