§ 24-75-708 — Administrator - duties - unlawful activities

(1) Every local
government investment pool trust fund shall be administered by an administrator in
this state appointed by the board of trustees of such pool. The administrator shall
have such duties as may be prescribed by the securities commissioner by rule.

(2) It is unlawful for an administrator to:

(a) Act as a trustee or custodian of a local government investment pool trust
fund, except that a financial institution, or any person employed by or directly
associated with a financial institution, acting as the administrator for a trust fund is
not prohibited from also acting as custodian for such trust fund; or

(b) Maintain the primary records of the trust fund anywhere but within this
state; except that, the securities commissioner may, by rule or order, and subject to
such terms and conditions as prescribed therein, permit the maintenance of such
records in another state if the securities commissioner finds that maintenance of
such records in this state is not necessary in the public interest and for the
protection of participating local governments.

Legislative History

Source: L. 93: Entire part R&RE, p. 325, � 1, effective July 1.