§ 47-24-23 — Trustees of funds; power to invest funds; conflicts of interest as to investments; custody of funds; vouchers

Georgia § 47-24-23

• Jurisdiction: Georgia
• Title: 47

Text

(a) The board members shall be the trustees of the funds of the fund; may invest and reinvest such funds; and may hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments in which any of the moneys of the fund created under this chapter shall have been invested, as well as the proceeds of such investments and any moneys belonging to such fund, all in such manner as funds of the Employees' Retirement System of Georgia are invested and reinvested. (b) Except as otherwise provided for in this chapter, no member or person employed by the board shall have a direct interest in the gains or profits of any investment made by the board. No member or employee of the board shall, directly or indirectly, for himself or herself or as an agent, in any manner use the funds of the fund except to make such current and necessary payments as are authorized by the board; nor shall any member or employee of the board become an endorser, surety, or in any manner an obligor for moneys loaned by or borrowed from the fund. (c) The board shall be the custodian of the funds of the fund. All payments from such funds shall be made by the board only upon vouchers signed by two persons designated by the board. See 2002 Ga. Laws 931, § 2.

Legislative History

Amended by 2003 Ga. Laws 8, § 1, eff. 5/14/2003. Added by 2002 Ga. Laws 931, eff. 7/1/2002.