State Codes and Statutes

Statutes > New-jersey > Title-43 > Section-43-16a > 43-16a-14

43:16A-14.  Management of funds    (1) The board of trustees shall be and are hereby constituted trustees of the various funds and accounts established by this act;  provided, however, that all functions, powers and duties relating to the investment or reinvestment of moneys of, and purchase, sale or exchange of any investments or  securities, of or for any fund or account established under this act shall be  exercised and performed by the director of the Division of Investment in accordance with the provisions of chapter 270, of the laws of 1950.  The secretary of the board of trustees shall determine from time to time the cash requirements of the various funds and accounts established by this act and the amount available for investment, all of which shall be certified to the Director of the Division of Investment.

    A member of the board of trustees to be designated by a majority vote thereof shall serve on the State Investment Council as a representative of said  board of trustees, for a term of 1 year and until his successor is elected and  qualified.

    (2) The Treasurer of the State of New Jersey shall be the custodian of the several funds created by this act, shall select all depositories and custodians  and shall negotiate and execute custody agreements in connection with the  assets or investments of any of said funds.  All payments from said funds shall  be made by him only upon vouchers signed by the chairman and countersigned by  the secretary of the board of trustees.  No voucher shall be drawn, except upon  the authority of the board duly entered in the records of its proceedings.

    (3) (Deleted by amendment.)

     (4) Except as otherwise herein provided, no trustee and no employee of the board of trustees shall have any direct interest in the gains or profits of any  investments of the retirement system;  nor shall any trustee or employee of the  board directly or indirectly, for himself or as an agent in any manner use the  moneys of the retirement system, except to make such current and necessary  payments as are authorized by the board of trustees; nor shall any trustee or  employee of the board of trustees become an endorser or surety, or in any  manner an obligor for moneys loaned to or borrowed from the retirement system.

     L.1944, c. 255, p. 849, s. 14.  Amended by L.1970, c. 57, s. 11, eff. May 18,  1970.