30.965. 1. The investment trust shall set up and maintain the systemof accounts necessary to monitor, preserve and ultimately reconvey thefunds conveyed to it pursuant to sections 30.953 to 30.971. All funds,property, income and earnings received by the investment trust from any andall sources shall be promptly credited to the appropriate account.
2. Unless and until invested in compliance with sections 30.953 to30.971, all moneys received by the investment trust shall be promptlydeposited to the credit of the investment trust in one or more banks orfinancial institutions in this state. No such money shall be deposited inor be retained by any bank or financial institution which does notcontinually have on deposit with and pledged for the benefit of theinvestment trust the kind and value of collateral required by section30.270, for depositaries of the state treasurer.
3. The board of trustees shall invest all funds under its controlwhich are in excess of a safe operating balance and not subject to imminentconveyance to the state treasury. The funds shall be invested only inthose investments which a prudent person acting in a like capacity andfamiliar with these matters would use in the conduct of an enterprise of alike character and with like aims, as provided in section 105.688, RSMo.The board of trustees may delegate to duly appointed investment counselorsauthority to act in place of the board in the investment and reinvestmentof all or part of the moneys of the trust, and may also delegate to suchcounselors the authority to act in place of the board in the holding,purchasing, selling, assigning, transferring or disposing of any or all ofthe securities and investments in which such moneys shall have beeninvested, as well as the proceeds of such investments and such moneys.Such investment counselors shall be registered as investment advisors withthe United States Securities and Exchange Commission. In exercising ordelegating its investment powers and authority, members of the board oftrustees shall exercise ordinary business care and prudence under the factsand circumstances prevailing at the time of the action or decision. Nomember of the board of trustees shall be liable for any action taken oromitted with respect to the exercise of, or delegation of, these powers andauthority if such member shall have discharged the duties of his or herposition in good faith and with that degree of diligence, care and skillwhich a prudent person acting in a like capacity and familiar with thesematters would use in the conduct of an enterprise of a like character andwith like aims.
4. No investment transaction authorized by the board of trusteesshall be handled by any company or firm in which a member of the board hasa substantial interest, nor shall any member of the board profit directlyor indirectly from any such investment. All investments shall be made forthe account of the investment trust, and any securities or other propertiesobtained by the board of trustees may be held by a custodian in the name ofthe investment trust, or in the name of a nominee in order to facilitatethe expeditious transfer of such securities or other property. Suchsecurities or other properties which are not available in registered formmay be held in bearer form or in book entry form. The investment trust isfurther authorized to deposit, or have deposited for its account, eligiblesecurities in a central depository system or clearing corporation or in afederal reserve bank under a book entry system as defined in the UniformCommercial Code, chapter 400, RSMo. When such eligible securities of theinvestment trust are so deposited with a central depository system they maybe merged and held in the name of the nominee of such securities depositoryand title to such securities may be transferred by bookkeeping entry on thebooks of such securities depository or federal reserve bank withoutphysical delivery of the certificates or documents representing suchsecurities.
5. With appropriate safeguards against loss by the investment trustin any contingency, the board of trustees may designate a bank or trustcompany to serve as a depository of trust funds and intermediary in theinvestment of those funds and payment of trust obligations.
6. The board of trustees may employ a financial institution havingfiduciary powers for the provision of such custodial or clerical servicesas the board may deem appropriate.
7. Consistent with the exercise of its fiduciary responsibilities,the board of trustees may provide for the payment of any costs or expensesfor the employees, agents, services or transactions necessary for theexecution of sections 30.953 to 30.971 in the form, manner and amount thatthe board deems appropriate.
8. The board of trustees shall take the necessary steps, consistentwith the exercise of its fiduciary responsibilities, to ensure that theinvestment trust has sufficient available assets to satisfy any obligationto reconvey property held in trust at the end of the term established in atrust agreement.
9. Any funds or property in the charge and custody of the board oftrustees of the investment trust pursuant to the provisions of sections30.953 to 30.971 shall not be subject to execution, garnishment, attachmentor any other process whatsoever and shall be unassignable, unless otherwisespecifically provided in sections 30.953 to 30.971.
30.965. 1. The investment trust shall set up and maintain the systemof accounts necessary to monitor, preserve and ultimately reconvey thefunds conveyed to it pursuant to sections 30.953 to 30.971. All funds,property, income and earnings received by the investment trust from any andall sources shall be promptly credited to the appropriate account.
2. Unless and until invested in compliance with sections 30.953 to30.971, all moneys received by the investment trust shall be promptlydeposited to the credit of the investment trust in one or more banks orfinancial institutions in this state. No such money shall be deposited inor be retained by any bank or financial institution which does notcontinually have on deposit with and pledged for the benefit of theinvestment trust the kind and value of collateral required by section30.270, for depositaries of the state treasurer.
3. The board of trustees shall invest all funds under its controlwhich are in excess of a safe operating balance and not subject to imminentconveyance to the state treasury. The funds shall be invested only inthose investments which a prudent person acting in a like capacity andfamiliar with these matters would use in the conduct of an enterprise of alike character and with like aims, as provided in section 105.688, RSMo.The board of trustees may delegate to duly appointed investment counselorsauthority to act in place of the board in the investment and reinvestmentof all or part of the moneys of the trust, and may also delegate to suchcounselors the authority to act in place of the board in the holding,purchasing, selling, assigning, transferring or disposing of any or all ofthe securities and investments in which such moneys shall have beeninvested, as well as the proceeds of such investments and such moneys.Such investment counselors shall be registered as investment advisors withthe United States Securities and Exchange Commission. In exercising ordelegating its investment powers and authority, members of the board oftrustees shall exercise ordinary business care and prudence under the factsand circumstances prevailing at the time of the action or decision. Nomember of the board of trustees shall be liable for any action taken oromitted with respect to the exercise of, or delegation of, these powers andauthority if such member shall have discharged the duties of his or herposition in good faith and with that degree of diligence, care and skillwhich a prudent person acting in a like capacity and familiar with thesematters would use in the conduct of an enterprise of a like character andwith like aims.
4. No investment transaction authorized by the board of trusteesshall be handled by any company or firm in which a member of the board hasa substantial interest, nor shall any member of the board profit directlyor indirectly from any such investment. All investments shall be made forthe account of the investment trust, and any securities or other propertiesobtained by the board of trustees may be held by a custodian in the name ofthe investment trust, or in the name of a nominee in order to facilitatethe expeditious transfer of such securities or other property. Suchsecurities or other properties which are not available in registered formmay be held in bearer form or in book entry form. The investment trust isfurther authorized to deposit, or have deposited for its account, eligiblesecurities in a central depository system or clearing corporation or in afederal reserve bank under a book entry system as defined in the UniformCommercial Code, chapter 400, RSMo. When such eligible securities of theinvestment trust are so deposited with a central depository system they maybe merged and held in the name of the nominee of such securities depositoryand title to such securities may be transferred by bookkeeping entry on thebooks of such securities depository or federal reserve bank withoutphysical delivery of the certificates or documents representing suchsecurities.
5. With appropriate safeguards against loss by the investment trustin any contingency, the board of trustees may designate a bank or trustcompany to serve as a depository of trust funds and intermediary in theinvestment of those funds and payment of trust obligations.
6. The board of trustees may employ a financial institution havingfiduciary powers for the provision of such custodial or clerical servicesas the board may deem appropriate.
7. Consistent with the exercise of its fiduciary responsibilities,the board of trustees may provide for the payment of any costs or expensesfor the employees, agents, services or transactions necessary for theexecution of sections 30.953 to 30.971 in the form, manner and amount thatthe board deems appropriate.
8. The board of trustees shall take the necessary steps, consistentwith the exercise of its fiduciary responsibilities, to ensure that theinvestment trust has sufficient available assets to satisfy any obligationto reconvey property held in trust at the end of the term established in atrust agreement.
9. Any funds or property in the charge and custody of the board oftrustees of the investment trust pursuant to the provisions of sections30.953 to 30.971 shall not be subject to execution, garnishment, attachmentor any other process whatsoever and shall be unassignable, unless otherwisespecifically provided in sections 30.953 to 30.971.
30.965. 1. The investment trust shall set up and maintain the systemof accounts necessary to monitor, preserve and ultimately reconvey thefunds conveyed to it pursuant to sections 30.953 to 30.971. All funds,property, income and earnings received by the investment trust from any andall sources shall be promptly credited to the appropriate account.
2. Unless and until invested in compliance with sections 30.953 to30.971, all moneys received by the investment trust shall be promptlydeposited to the credit of the investment trust in one or more banks orfinancial institutions in this state. No such money shall be deposited inor be retained by any bank or financial institution which does notcontinually have on deposit with and pledged for the benefit of theinvestment trust the kind and value of collateral required by section30.270, for depositaries of the state treasurer.
3. The board of trustees shall invest all funds under its controlwhich are in excess of a safe operating balance and not subject to imminentconveyance to the state treasury. The funds shall be invested only inthose investments which a prudent person acting in a like capacity andfamiliar with these matters would use in the conduct of an enterprise of alike character and with like aims, as provided in section 105.688, RSMo.The board of trustees may delegate to duly appointed investment counselorsauthority to act in place of the board in the investment and reinvestmentof all or part of the moneys of the trust, and may also delegate to suchcounselors the authority to act in place of the board in the holding,purchasing, selling, assigning, transferring or disposing of any or all ofthe securities and investments in which such moneys shall have beeninvested, as well as the proceeds of such investments and such moneys.Such investment counselors shall be registered as investment advisors withthe United States Securities and Exchange Commission. In exercising ordelegating its investment powers and authority, members of the board oftrustees shall exercise ordinary business care and prudence under the factsand circumstances prevailing at the time of the action or decision. Nomember of the board of trustees shall be liable for any action taken oromitted with respect to the exercise of, or delegation of, these powers andauthority if such member shall have discharged the duties of his or herposition in good faith and with that degree of diligence, care and skillwhich a prudent person acting in a like capacity and familiar with thesematters would use in the conduct of an enterprise of a like character andwith like aims.
4. No investment transaction authorized by the board of trusteesshall be handled by any company or firm in which a member of the board hasa substantial interest, nor shall any member of the board profit directlyor indirectly from any such investment. All investments shall be made forthe account of the investment trust, and any securities or other propertiesobtained by the board of trustees may be held by a custodian in the name ofthe investment trust, or in the name of a nominee in order to facilitatethe expeditious transfer of such securities or other property. Suchsecurities or other properties which are not available in registered formmay be held in bearer form or in book entry form. The investment trust isfurther authorized to deposit, or have deposited for its account, eligiblesecurities in a central depository system or clearing corporation or in afederal reserve bank under a book entry system as defined in the UniformCommercial Code, chapter 400, RSMo. When such eligible securities of theinvestment trust are so deposited with a central depository system they maybe merged and held in the name of the nominee of such securities depositoryand title to such securities may be transferred by bookkeeping entry on thebooks of such securities depository or federal reserve bank withoutphysical delivery of the certificates or documents representing suchsecurities.
5. With appropriate safeguards against loss by the investment trustin any contingency, the board of trustees may designate a bank or trustcompany to serve as a depository of trust funds and intermediary in theinvestment of those funds and payment of trust obligations.
6. The board of trustees may employ a financial institution havingfiduciary powers for the provision of such custodial or clerical servicesas the board may deem appropriate.
7. Consistent with the exercise of its fiduciary responsibilities,the board of trustees may provide for the payment of any costs or expensesfor the employees, agents, services or transactions necessary for theexecution of sections 30.953 to 30.971 in the form, manner and amount thatthe board deems appropriate.
8. The board of trustees shall take the necessary steps, consistentwith the exercise of its fiduciary responsibilities, to ensure that theinvestment trust has sufficient available assets to satisfy any obligationto reconvey property held in trust at the end of the term established in atrust agreement.
9. Any funds or property in the charge and custody of the board oftrustees of the investment trust pursuant to the provisions of sections30.953 to 30.971 shall not be subject to execution, garnishment, attachmentor any other process whatsoever and shall be unassignable, unless otherwisespecifically provided in sections 30.953 to 30.971.
