43:18-5 - Payments;Ā deposits;Ā investments
43:18-5.Ā Payments;Ā deposits;Ā investments
All moneys paid out of the pension fund shall be paid by the treasurer of the corporation upon warrants signed by the chairman of the board of trustees and countersigned by the secretary thereof, and no warrant shall be drawn except by the order of the board upon a yea and nay vote recorded in the minutes of the board.Ā The board of trustees may deposit the fund in any of theĀ banks or trust companies of such cities, and may invest the same in bonds secured by first mortgages on improved property worth at least twice the amountĀ loaned, or in bonds of the United States or of this state, or any city orĀ county in this state.Ā All income, interest or dividend which shall be paid orĀ agreed to be paid on account of any loan or deposit shall belong to andĀ constitute a part of the fund.
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All moneys paid out of the pension fund shall be paid by the treasurer of the corporation upon warrants signed by the chairman of the board of trustees and countersigned by the secretary thereof, and no warrant shall be drawn except by the order of the board upon a yea and nay vote recorded in the minutes of the board.Ā The board of trustees may deposit the fund in any of theĀ banks or trust companies of such cities, and may invest the same in bonds secured by first mortgages on improved property worth at least twice the amountĀ loaned, or in bonds of the United States or of this state, or any city orĀ county in this state.Ā All income, interest or dividend which shall be paid orĀ agreed to be paid on account of any loan or deposit shall belong to andĀ constitute a part of the fund.
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