Topic: Proposed law change regarding personal liability
This last sentence has been proposed to be added to the current law -
In acquiring, investing, reinvesting, exchanging, retaining, selling, and managing property of the PACT Trust Fund, the board and any person or investment manager to whom the board delegates any of its investment authority shall exercise the judgment and care under the circumstances then prevailing which persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but to permanent disposition of funds, considering the probable income as well as the safety of their capital. When acting within this standard of care any person or investment manager to whom the board delegates any of its investment authority, shall not be held personally liable for losses suffered by the PACT Program on investments made pursuant to this chapter. No board member shall be held personally liable for any losses, damages, or claims which have arisen or may arise from or are related to any act or omission of the board member taken in his or her service as a member of the board or as a trustee, so long as the board member acted in good faith.
I've posted on here before that Kay and her Board have exposed themselves to personal liability due to their ignoring that the law required them to consider the safety of capital when managing OUR money. They must agree with me, which explains why they are now attempting to cover their butts. If this clause passes then there is no way this group will ever feel the urge to work on our behalf again. Do not let this get through! They need to feel the same (if not worse) exposure to financial pain we are suffering through if we want them to fix this.