Rhode Island § 45-21-40 § 45-21-40. Improper interest in investments of board.

Rhode Island Statutes

§ 45-21-40 — § 45-21-40. Improper interest in investments of board.

Rhode Island § 45-21-40

Title 45Towns and cities

Ch. 45-21Retirement of Municipal Employees

This text of Rhode Island § 45-21-40 (§ 45-21-40. Improper interest in investments of board.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 45-21-40 (2026).

Text

§ 45-21-40. Improper interest in investments of board.
Except as provided in this section, no member of the board and no employee of the
            board shall have any interest, direct or indirect, in the gains or profits of any
            investment made by the retirement board, nor, as a member or employee of the board,
            directly or indirectly receive any pay or emolument for his or her services. No member
            of the board or employee of the board shall, directly or indirectly, for himself or
            herself or as an agent, in any manner use the investment gains or profits, except
            to make current and necessary payments that are authorized by the retirement board.
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§ 45-21-40. Improper interest in investments of board.

Except as provided in this section, no member of the board and no employee of the board shall have any interest, direct or indirect, in the gains or profits of any investment made by the retirement board, nor, as a member or employee of the board, directly or indirectly receive any pay or emolument for his or her services. No member of the board or employee of the board shall, directly or indirectly, for himself or herself or as an agent, in any manner use the investment gains or profits, except to make current and necessary payments that are authorized by the retirement board. No member or employee of the board may become an endorser or surety or become in any manner an obligor for moneys loaned or borrowed from the retirement board.