§ 24-12-107 - Treasurer as custodian of fund. - Arkansas Statutes

24-12-107. Treasurer as custodian of fund.

(a) The treasurer shall be custodian of the pension fund and shall keep his or her books and accounts concerning the fund in such manner as may be prescribed by the board.

(b) The books and accounts shall be subject to the inspection of any member of the board or of any of the paid nonuniformed employees.

(c) (1) Within ten (10) days after assuming his or her duties under this act, the treasurer shall execute a bond to the board of trustees with good and sufficient securities and in such penal sum as the board shall direct, conditioned for the faithful performance of the duties of his or her office. He or she shall surrender and deliver to his or her successor all unexpended moneys and all property which may have come into his or her hands as treasurer of the fund.

(2) The bond shall be filed in the office of the board of trustees and in case of a breach of the bond, suit may be brought on the bond in the name of the board or of any person or persons injured by the breach.