104.500. Powers and duties of board--conflict of interest of members or employees prohibited. - Missouri Statutes

Powers and duties of board--conflict of interest of members oremployees prohibited.

104.500. 1. The general administration of, andresponsibility for, the proper operation of the system arehereby vested in a board of trustees.

2. Subject to the limitations of law, the board shallformulate and adopt rules and regulations for the government ofits own proceedings and for the administration of the system,and its decisions as to all questions of fact shall be final andconclusive on all persons except for the right of review asprovided by law and except for fraud or such gross mistake offact as to have an effect equivalent to fraud.

3. The accounts and records of any department shall be opento inspection by the board of trustees and its employees for thepurpose of obtaining information necessary in the performance ofthe duties of said board under sections 104.010 and 104.320 to104.800.

4. The board shall have the power to subpoena witnesses orobtain the production of records when necessary for theperformance of its duties.

5. Subject to the provisions of the constitution andsections 104.010 and 104.320 to 104.800, the board of trusteesshall have exclusive jurisdiction and control over the fundsand property of the system and may employ and fix thecompensation of necessary employees.

6. No trustee or employee of the system shall receive anygain or profit from any funds or transaction of the system,except benefits from interest in investments common to allmembers, if entitled thereto.

7. Any trustee or employee accepting any gratuity orcompensation for the purpose of influencing his action withrespect to the investment of the funds of the system shallthereby forfeit his office and in addition thereto be subject tothe penalties prescribed for bribery.

(L. 1957 p. 706 § 7, A.L. 1981 H.B. 835, et al., A.L. 1984 H.B. 1370, A.L. 1988 H.B. 1643 & 1399)