§ 24-12-201 - Definitions -- Power to invest. - Arkansas Statutes

24-12-201. Definitions -- Power to invest.

(a) For purposes of this subchapter, "city" means cities of the first class, cities of the second class, and incorporated towns.

(b) Subject to subsection (c) of this section, a board of trustees of a city nonuniformed employees' pension plan with assets in excess of one hundred thousand dollars ($100,000) shall have full power to:

(1) Invest and reinvest the moneys of the plan; and

(2) Hold, purchase, sell, assign, transfer, or dispose of any of the investments so made and the proceeds of the investments and moneys.

(c) The investments and reinvestments shall only be made in accordance with the prudent investor rule set forth in 24-2-610 -- 24-2-619.