Tennessee § 17-509 Board as trustee of fund - Management of fund - Treasurer as custodian - Disbursements

Tennessee Statutes

§ 17-509 — Board as trustee of fund - Management of fund - Treasurer as custodian - Disbursements

Tennessee § 17-509

Title8

This text of Tennessee § 17-509 (Board as trustee of fund - Management of fund - Treasurer as custodian - Disbursements) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 17-509 (2026).

Text

The retirement board shall be the trustee of the fund created by this chapter and shall have full power to invest and reinvest all funds to the extent the board deems appropriate, subject to the limitation that no investment shall be made except, on the exercise of bona fide discretion, in securities which at the time of making the investment are, by a statute, permitted for the investment of reserves of any domestic life insurance companies, provided the total sum invested in common and preferred stocks cannot exceed twenty per cent (20%) of the total of the fund. Subject to such limitations, the board shall have full power to hold, purchase, sell, assign, transfer, or dispose of any of the securities or investments in which the fund created herein have been invested, as well as of the pr

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The retirement board shall be the trustee of the fund created by this chapter and shall have full power to invest and reinvest all funds to the extent the board deems appropriate, subject to the limitation that no investment shall be made except, on the exercise of bona fide discretion, in securities which at the time of making the investment are, by a statute, permitted for the investment of reserves of any domestic life insurance companies, provided the total sum invested in common and preferred stocks cannot exceed twenty per cent (20%) of the total of the fund. Subject to such limitations, the board shall have full power to hold, purchase, sell, assign, transfer, or dispose of any of the securities or investments in which the fund created herein have been invested, as well as of the proceeds of such investments and the moneys belonging to the fund. The state treasurer shall be the custodian of the fund. All payments from the fund shall be authorized by the state treasurer on vouchers duly issued by the state treasurer.