Arkansas Statutes
§ 24-2-205 — Purchase of obligations not cancellation - Trust
Arkansas·Title 24
(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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Legislative History
Acts 1963, No. 509, § 5; A.S.A. 1947, § 12-2534.
Nearby Sections
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Assets and income for retirement systems§ 24-1-102
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Liabilities exceeding thirty-year amortization period - Legislated benefit enhancement prohibited§ 24-1-106
Benefit enhancements§ 24-1-201
Declaration of policy§ 24-1-202
Definitions§ 24-1-203
Rules§ 24-1-206
Agents§ 24-1-207
Contributions - State employees