103.039. Deposit of funds--commingling of funds prohibited--executive director to be responsible, bond required. - Missouri Statutes

Deposit of funds--commingling of funds prohibited--executive directorto be responsible, bond required.

103.039. All moneys received by or belonging to the planshall be paid to the executive director and promptly deposited bythe executive director to the credit of the plan in one or morebanks or trust companies or other financial institutions asselected by the board. No such money shall be deposited in or beretained by any bank or trust company which does not have ondeposit with and for the board at the time, the kind and value ofcollateral required by sections 30.240 and 30.270, RSMo, fordepositories of the state treasurer. These moneys are funds ofthe plan and shall not be commingled with any funds in the statetreasury. The executive director shall be responsible for allfunds, securities, and property belonging to the plan and shallbe provided with such corporate surety bond for the faithfulhandling of the same as the board shall require.

(L. 1992 H.B. 1574 § 1 subsec. 17)