Executive Order No. 20-47 (No. 13-12) [Vermont National Guard Trust Fund Board]
WHEREAS, upon deactivation of members of the Vermont Army National Guard after World
War I, the company funds of units comprising the First Infantry Regiment, Vermont
National Guard, were turned over to the federal War Department (now the Department
of Defense); and
WHEREAS, in 1927, the War Department returned the company funds to the Adjutant General
for the Vermont Army National Guard, Brigadier General Herbert T. Johnson, to benefit
the present and future elements of any reconstituted and/or reactivated regiment;
and
WHEREAS, in 1927, Governor John E. Weeks, by special order 54, dated June 21, 1927,
created a special committee to review the receipt of these funds and to make recommendations;
and
WHEREAS, on June 30, 1927, upon the recommendation of the special committee, the Governor
established the 172d Infantry Memorial Trust Fund — the 172d Infantry being the reorganized
units of Vermont National Guard units that served in World War I; and
WHEREAS, on July 1, 1960, the fund was re-designated by Executive Order (no number)
of Governor Robert T. Stafford as the “Vermont Army National Guard Memorial Trust
Fund”; and
WHEREAS, on October 8, 1999, Governor Howard Dean reconstituted the fund as the “Vermont
National Guard Trust Fund” and established the Trust Fund Board;
NOW, THEREFORE, I, Peter Shumlin, by virtue of the power vested in me as Governor,
do hereby amend the duties and responsibilities of the Trust Fund Board as follows:
I. Composition, Appointments, and Process
The Trust Fund Board shall be chaired by the Adjutant General for the State of Vermont,
or his/her designee. The Adjutant General shall appoint members to the Board and
shall appoint not less than three members. A majority of the sitting members shall
constitute a quorum and action taken by the Board under this Executive Order may be
authorized by a majority of members present and voting at any regular or special meeting.
The members of the board will not receive any remuneration by the State of Vermont
for their participation on the Board.
II. Charge
The Board shall administer the Trust Fund and effectuate the policies and purposes
of this Executive Order. Deposits to the currently existing monies shall be made
to the Fund from moneys appropriated thereto by the General Assembly from time to
time and from any other source, private or public, as approved by the Board. Unexpended
balances and any earnings shall not revert to the general fund but shall remain in
the fund for use in accord with the purposes of this Executive Order.
The Trust will be for the benefit of all members of the Vermont National Guard.
The original purpose of the Fund was to benefit members of the Vermont National Guard
in times of federal activation during an emergency and, in keeping with that purpose,
the Fund will continue to be used for members of the Vermont National Guard in times
of federal activation during emergencies, war, rebellion, humanitarian effort, operations
other that war and in times of state active duty. The Board will establish rules and
regulations governing the expenditure of funds under these conditions.
In further keeping with the original intent of the Fund, the Board may disburse part
of the Fund as a discretionary fund for the purpose of betterment of the members of
the Vermont National Guard. Under no circumstance will this allocation and disbursement
reduce the total Fund to an amount lower than $30,000, to be used for the purposes
stated in the preceding paragraph.
The Fund, principle and interest, will be invested and reinvested in commercially
reasonable investment vehicles as approved by the Board.
If the Board deems necessary, the Board may contract with and/or hire investment consultants,
brokers, counselors, or the like and the cost therefore, will be borne by the Fund.
III. Effective Date
This Executive Order shall take effect upon signing and shall continue in full force
and effect until further order by the Governor.
Dated November 8, 2012.