§ 24-7-403 - Restrictions on use of assets. - Arkansas Statutes

24-7-403. Restrictions on use of assets.

(a) All assets of the Arkansas Teacher Retirement System shall be held for the sole purpose of paying benefits and making disbursements in accordance with the provisions of this act and shall be used for no other purpose whatsoever, unless the assets are used to purchase or construct a building to be used for the permanent offices of the system upon approval of the Board of Trustees of the Arkansas Teacher Retirement System.

(b) Except as to the rights of a member, retirant, or beneficiary, no trustee and no officer or employee of the board shall have any interest, direct or indirect, in the gains or profits of any investment made by the board. Nor shall any of them, directly or indirectly, for himself or as an agent, in any manner use the assets of the system except to make such current and necessary payments as are authorized by the board; nor shall any of them become an endorser or surety or become in any manner an obligor for moneys loaned by or borrowed from the board.