§ 45-51A-32.25 — Custodian of Assets

Alabama § 45-51A-32.25

• Jurisdiction: Alabama
• Title 45: Local Laws
• Ch. 51A: Montgomery County Municipalities
• Art. 3: Montgomery
• Part 3: Employees
• Subpart 2: Firefighters Pension Fund

Text

The Comptroller of the City of Montgomery, or his or her duly appointed assistant, shall, subject to the right of change hereinafter provided, be the custodian of all assets belonging to the Montgomery Firefighters Pension Fund. The comptroller, or his or her duly appointed assistant, shall be liable on his or her official bond for the faithful performance of the duties imposed upon him or her under this subpart and for the faithful accounting for all monies, securities, and things of value which come into his or her hands as custodian, and he or she shall keep a separate account thereof which shall at all times reflect the true condition of the funds. The trustees of the Montgomery Firefighters Pension Fund, at their discretion, may select another custodian in lieu of the Comptroller of the City of Montgomery or his or her duly appointed assistant, who shall be responsible for all pension funds and all other assets belonging to the Montgomery Firefighters Pension Fund delivered to it, such selection by the trustees shall be limited to a state or national bank doing business in Alabama.

Legislative History

(Acts 1971, No. 1606, p. 2761, § 6; Acts 1975, No. 587, p. 1332, § 1.)