161.380 Duties of treasurer -- Custodian of securities.

230 words·~1 min read·/ky/chapter-161/161-380

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The State Treasurer is the custodian of all cash funds of the retirement system. He

shall honor and pay all vouchers drawn on the retirement funds. The Treasurer shall

honor and pay all vouchers drawn on the retirement funds for payment of securities

purchased upon order of the board. All payments from the several funds of the

retirement system shall be made only upon vouchers signed by the executive

secretary, the chairman of the board of trustees of the retirement system, or persons

delegated in writing by the board.

(2)The board of trustees shall appoint a custodian or custodians of the securities

acquired under authority of KRS 161.430 and the custodian or custodians shall be

responsible for the safekeeping of all securities placed in his custody. The custodian

shall collect dividends, interests, and payments on principal as they become due,

and deposit such funds with the State Treasurer for credit to the guarantee fund of

the system. The custodian shall, upon delivery of the securities to him, make

payment for same as authorized by the board of trustees. When securities are sold

by the board of trustees, the custodian shall deliver such securities to the purchaser

upon receipt of payment from said purchaser.

(3)The board of trustees may require such surety from the custodian as they deem

necessary for the protection of securities held by such custodian.