RCW 43.33A.200
Creation of entities for investment purposes—Liability—Tax status.
(1) The board is authorized to create corporations under Title 23B RCW, limited liability companies under chapter 25.15 RCW, and limited partnerships under chapter 25.10 RCW, of which it may or may not be the general partner, for the purposes of transferring, acquiring, holding, overseeing, operating, or disposing of real estate or other investment assets that are not publicly traded on a daily basis or on an organized exchange. The liability of each entity created by the board is limited to the assets or properties of that entity. No creditor or other person has any right of action against the board, its members or employees, or the state of Washington on account of any debts, obligations, or liabilities of the entity. Entities created under this section may be authorized by the board to make any investment that the board may make, including but not limited to the acquisition of: Equity interests in operating companies, the indebtedness of operating companies, and real estate.
(2) Directors, officers, and other principals of entities created under this section must be board members, board staff, or principals or employees of an advisor or manager engaged by contract by the board or the entity to manage real estate or other investment assets of the entity. Directors of entities created under this section must be appointed by the board. Officers and other principals of entities created under this section are appointed by the directors.
(3) A public corporation, limited liability company, or limited partnership created under this section has the same immunity or exemption from taxation as that of the state. The entity shall pay an amount equal to the amounts that would be paid for taxes otherwise levied upon real property and personal property to the public official charged with the collection of such real property and personal property taxes as if the property were in private ownership. The proceeds of such payments must be allocated as though the property were in private ownership.
[ 1997 c 359 § 1.]
Structure Revised Code of Washington
Title 43 - State Government—Executive
Chapter 43.33A - State Investment Board.
43.33A.010 - General powers and duties.
43.33A.020 - Board created—Membership—Terms—Vacancies—Removal.
43.33A.025 - Criminal history record checks for board staff finalist candidates.
43.33A.030 - Trusteeship of funds—Contracts—Delegation of powers and duties.
43.33A.035 - Delegation of authority—Investments or investment properties.
43.33A.040 - Quorum—Meetings—Chairperson—Vice chairperson.
43.33A.050 - Compensation of members—Travel expenses.
43.33A.060 - Employment restrictions.
43.33A.070 - Liability of members.
43.33A.110 - Rules and regulations—Investment policies and procedures.
43.33A.120 - Examination of accounts, files, and other records.
43.33A.130 - Securities—State treasurer may cause same to be registered in the name of the nominee.
43.33A.135 - Investment policy—Investment options.
43.33A.140 - Investments—Standard of investment and management.
43.33A.150 - Reports of investment activities.
43.33A.160 - Funding of board—State investment board expense account.
43.33A.170 - Commingled trust funds—Participation of funds in investments of board.
43.33A.180 - Investment accounting—Transfer of functions and duties from state treasurer's office.
43.33A.190 - Self-directed investment—Board's duties (as amended by 2016 c 39).
43.33A.200 - Creation of entities for investment purposes—Liability—Tax status.