Benefit fund, how held--purpose--deposit, executive director, duties,bond required--investment, board's powers and duties.
104.150. 1. The board shall set up and maintain atransportation department employees' and highway patrol retirement andbenefit fund account in which shall be placed all payrolldeductions, deferred compensation, payments and income from allsources. All property, money, funds, investments, and rightswhich shall belong to, or be available for expenditure or use by,the system shall be dedicated to and held in trust for themembers and for the purposes set out in sections 104.010 to104.270 and sections 104.600 to 104.800 and no other. The board,in the name and on behalf of the system, may purchase, acquire,hold, invest, lend, lease, sell, assign, transfer, and dispose ofall property, rights, and securities, and enter into writtencontracts, when necessary or proper to carry out the purposes ofsections 104.010 to 104.270 and sections 104.600 to 104.800.
2. All moneys received by or belonging to the system shallbe paid to the executive director and by him deposited to thecredit of the system in one or more banks or trust companies. Nosuch money shall be deposited in or be retained by any bank ortrust company which does not have on deposit with and for theboard at the time the kind and value of collateral required bysection 30.270, RSMo, for depositaries of the state treasurer.The executive director shall be responsible for all funds,securities, and property belonging to the system, and shall givesuch corporate surety bond for the faithful handling of the sameas the board shall require.
3. The board may invest the funds of the system as permittedby sections 105.686 to 105.690, RSMo.
Benefit fund, how held--purpose--deposit, executive director, duties,bond required--investment, board's powers and duties.
104.150. 1. The board shall set up and maintain atransportation department employees' and highway patrol retirement andbenefit fund account in which shall be placed all payrolldeductions, deferred compensation, payments and income from allsources. All property, money, funds, investments, and rightswhich shall belong to, or be available for expenditure or use by,the system shall be dedicated to and held in trust for themembers and for the purposes set out in sections 104.010 to104.270 and sections 104.600 to 104.800 and no other. The board,in the name and on behalf of the system, may purchase, acquire,hold, invest, lend, lease, sell, assign, transfer, and dispose ofall property, rights, and securities, and enter into writtencontracts, when necessary or proper to carry out the purposes ofsections 104.010 to 104.270 and sections 104.600 to 104.800.
2. All moneys received by or belonging to the system shallbe paid to the executive director and by him deposited to thecredit of the system in one or more banks or trust companies. Nosuch money shall be deposited in or be retained by any bank ortrust company which does not have on deposit with and for theboard at the time the kind and value of collateral required bysection 30.270, RSMo, for depositaries of the state treasurer.The executive director shall be responsible for all funds,securities, and property belonging to the system, and shall givesuch corporate surety bond for the faithful handling of the sameas the board shall require.
3. The board may invest the funds of the system as permittedby sections 105.686 to 105.690, RSMo.
Benefit fund, how held--purpose--deposit, executive director, duties,bond required--investment, board's powers and duties.
104.150. 1. The board shall set up and maintain atransportation department employees' and highway patrol retirement andbenefit fund account in which shall be placed all payrolldeductions, deferred compensation, payments and income from allsources. All property, money, funds, investments, and rightswhich shall belong to, or be available for expenditure or use by,the system shall be dedicated to and held in trust for themembers and for the purposes set out in sections 104.010 to104.270 and sections 104.600 to 104.800 and no other. The board,in the name and on behalf of the system, may purchase, acquire,hold, invest, lend, lease, sell, assign, transfer, and dispose ofall property, rights, and securities, and enter into writtencontracts, when necessary or proper to carry out the purposes ofsections 104.010 to 104.270 and sections 104.600 to 104.800.
2. All moneys received by or belonging to the system shallbe paid to the executive director and by him deposited to thecredit of the system in one or more banks or trust companies. Nosuch money shall be deposited in or be retained by any bank ortrust company which does not have on deposit with and for theboard at the time the kind and value of collateral required bysection 30.270, RSMo, for depositaries of the state treasurer.The executive director shall be responsible for all funds,securities, and property belonging to the system, and shall givesuch corporate surety bond for the faithful handling of the sameas the board shall require.
3. The board may invest the funds of the system as permittedby sections 105.686 to 105.690, RSMo.
