§ 45-51A-32.28 — Powers of Board Members

Alabama § 45-51A-32.28

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

Text

The members of the board shall be trustees of all the assets of the fund and shall have full power to invest and reinvest such assets in such stock, bonds, and other securities and properties as they may deem advisable, including preferred stocks, common stocks, debentures and unsecured obligations, undivided interest, interests in investment trusts, mutual funds, legal and discretionary common trust funds, group annuity and individual annuity contracts, and leases and real and personal property, either inside or outside of Alabama. The board shall have full power to hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments in which any of the assets of the fund may have been invested, as well as the proceeds of the investments and any monies belonging to the fund. The board may however appoint an investment trustee and delegate any or all of its powers relative to the handling, investment, and reinvestment of such assets. No member nor employee of the board, including the investment trustee hereinabove authorized, shall have any direct or indirect interest in the gains or profits of any investment made by the board, nor as a member of the board receive any pay or emolument for his or her services. No member or employee of the board shall directly or indirectly, for himself or herself or as an agent in any manner use the same, except to make such current and necessary payments as are authorized by the board.

Legislative History

(Acts 1971, No. 1606, p. 2761, § 9; Acts 1975, No. 587, p. 1332, § 1.)