Arkansas § 24-2-205 Purchase of obligations not cancellation - Trust

Arkansas Statutes

§ 24-2-205 — Purchase of obligations not cancellation - Trust

Arkansas § 24-2-205

Title24

This text of Arkansas § 24-2-205 (Purchase of obligations not cancellation - Trust) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 24-2-205 (2026).

Text

(a)All obligations purchased or received shall be held in trust for the use and benefit of the system, which trust shall be subject only to the right of the board of trustees to sell or otherwise dispose of the obligations as provided in the various plans.

(b)No purchase or receipt of obligations by a board of trustees shall ever be construed as a cancellation of the obligations so purchased or received.

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(a) All obligations purchased or received shall be held in trust for the use and benefit of the system, which trust shall be subject only to the right of the board of trustees to sell or otherwise dispose of the obligations as provided in the various plans. (b) No purchase or receipt of obligations by a board of trustees shall ever be construed as a cancellation of the obligations so purchased or received.