43:8A-17 - Investment of moneys of pension fund; custodian; payments; interest in profits and use of funds by trustees or employees forbidden; endorser or surety - New Jersey Statutes

43:8A-17.  Investment of moneys of pension fund;  custodian;  payments; interest in profits and use of funds by trustees or employees forbidden; endorser or surety
    (1) The Director of the Division of Investment in the Department of the Treasury shall have control over the investment of the moneys of the pension fund.  The secretary shall report on the investment of these moneys to the board of trustees.

    (2) The Treasurer of the State of New Jersey shall be the custodian of the several funds created by section eighteen of this act.  All payments from said funds shall be made by him only upon vouchers signed by two persons designated by the board of trustees.  A duly attested copy of a resolution of the board of  trustees designating such persons and bearing on its face specimen signatures  of such persons shall be filed with the treasurer as his authority for making  payments upon such vouchers.  No voucher shall be drawn unless it has  previously been authorized by resolution of the board of trustees.

    (3) Except as otherwise herein provided, no trustee and no employee of the board of trustees shall have any direct interest in the gains or profits of any  investments made by the board of trustees;  nor shall any trustee or employee  of the board directly or indirectly, for himself or as an agent in any manner  use the moneys of the retirement system, except to make such current and  necessary payments as are authorized by the board of trustees; nor shall any  trustee or employee of the board of trustees become an endorser or surety, or  in any manner an obligor for moneys loaned to or borrowed from the board of  trustees.

     L.1953, c. 423, p. 2138, s. 17.