103.036. Benefit trust fund account to be established by board, purpose--powers of board to carry out duties. - Missouri Statutes

Benefit trust fund account to be established by board, purpose--powersof board to carry out duties.

103.036. The board shall set up and maintain a benefittrust fund account in which shall be placed all payrolldeductions, payments, and income from all sources. All property,money, funds, investments, and rights which shall belong to or beavailable for expenditure or use by the plan shall be dedicatedto and held in trust for the members and for the purposes hereinset out and no other. The board shall have power, in the nameand on behalf of the plan, to purchase, acquire, hold, invest,lend, lease, sell, assign, transfer, and dispose of all property,rights, and securities, and enter into written contracts as maybe necessary and proper to carry out its duties.

(L. 1992 H.B. 1574 § 1 subsec. 16)