The board of regents of New Mexico military institute may invest and reinvest the legislative scholarship fund in accordance with state investment council policy for market rate investments for the severance tax permanent fund, subject to the approval of the state investment council after explanation and presentation of the investment plan. History: 1978 Comp., § 21-12-14, enacted by Laws 1990, ch. 109, § 2; 1997, ch. 225, § 1. The 1997 amendment , effective June 20, 1997, rewrote this section.
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