South Carolina § 9-13-50 Investment of fund.

South Carolina Statutes

§ 9-13-50 — Investment of fund.

South Carolina § 9-13-50

Title 9RETIREMENT SYSTEMS

Ch. 13FIREMEN'S PENSION FUNDS IN CITIES

This text of South Carolina § 9-13-50 (Investment of fund.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 9-13-50 (2026).

Text

The board of trustees may invest the pension fund in the name of "Board of Trustees of the Firemen's Fund of the City of __________" in any of the following:

(1)Obligations of the United States or obligations fully guaranteed both as to principal and interest by the United States;

(2)Obligations of the Federal intermediate credit banks, Federal home loan banks, Federal National Mortgage Association, banks for cooperatives and Federal land banks and any notes, bonds, debentures, or other similar obligations, consolidated or otherwise, issued by farm credit institutions pursuant to authorities contained in the Farm Credit Act of 1971 (Public Law 92-181);

(3)Obligations of this State;

(4)In the shares of Federal savings and loan associations and State-chartered building or savings and loa

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The board of trustees may invest the pension fund in the name of "Board of Trustees of the Firemen's Fund of the City of __________" in any of the following: (1) Obligations of the United States or obligations fully guaranteed both as to principal and interest by the United States; (2) Obligations of the Federal intermediate credit banks, Federal home loan banks, Federal National Mortgage Association, banks for cooperatives and Federal land banks and any notes, bonds, debentures, or other similar obligations, consolidated or otherwise, issued by farm credit institutions pursuant to authorities contained in the Farm Credit Act of 1971 (Public Law 92-181); (3) Obligations of this State; (4) In the shares of Federal savings and loan associations and State-chartered building or savings and loan associations in which deposits are guaranteed by the Federal Savings and Loan Insurance Corporation, not to exceed the amount covered by insurance. All such securities shall be deposited by the treasurer with other securities of the city and shall be subject to the order of the board of trustees.

Legislative History

HISTORY: 1962 Code SECTION 61-385; 1952 Code SECTION 61-385; 1942 Code SECTION 7532; 1932 Code SECTIONS 7551 to 7566; Civ. C. '22 SECTIONS 4658 to 4673; Civ. C. '12 SECTIONS 2968 to 2983; 1904 (24) 490; 1945 (44) 236; 1974 (58) 2382; 1979 Act No. 79 SECTION 4.