43:7-20 - Deposit and investment of fund
43:7-20.Ā Deposit and investment of fund
Said pension commission shall deposit such fund in any of the banks or trustĀ companies of the State, and shall invest the same in bonds secured by firstĀ mortgages on improved property worth at least twice the amount loaned, or inĀ bonds of the United States or of this State, or any city or county in thisĀ State.Ā All income, interest or dividend which shall be paid or agreed to beĀ paid on account of any loan or deposit shall belong to and constitute a part ofĀ said fund.
L.1941, c. 220, p. 635, s. 14.
Said pension commission shall deposit such fund in any of the banks or trustĀ companies of the State, and shall invest the same in bonds secured by firstĀ mortgages on improved property worth at least twice the amount loaned, or inĀ bonds of the United States or of this State, or any city or county in thisĀ State.Ā All income, interest or dividend which shall be paid or agreed to beĀ paid on account of any loan or deposit shall belong to and constitute a part ofĀ said fund.
L.1941, c. 220, p. 635, s. 14.